will long be preserved by the descendants of those helped by their exertions, and in future days given over to the historian for honorable keeping.

[MARCH 1, 1832.

of industry, and giving power and facility to the operations of Government, would be equally anxious for the pas sage of the resolution, because by it all suspicions would be Certainly, sir, no difficulty ought to exist to this bill removed, and the innocence and good faith and usefulness among the Representatives and Senators from those States of the institution would be presented to the people in the who fought out the war of the revolution; nor ought it to boldest relief. Thus, sir, the two parties, from opposite momeet with any opposition from the new States, for they owe tives, and with a view to opposite results, would co-operate their existence to the revolutionary contest. And have to pass the resolution. But, to his surprise and astonishnot the blood and treasure of the old States been profusely ment, the friends of the bank opposed the resolution! Do shed in driving back the Indians, and in assisting in making they shrink from investigation? Do they fear to lift the the settlements of the West? The people in that section curtain, lest all which we suspect should be presented to of our country would therefore be ungrateful were they the House? How is this, sir? They demand from us a to urge a word of complaint against this reasonable mea-renewal of the charter, while they refuse to give us insure, this act of long delayed justice. The army of St. formation. They insist on our confidence, while they Clair and Wayne, and all their followers, were made out of withhold the only means of entitling themselves to it. Sir, the soldiers of the revolution; and these wars, instead of adding, have taken off thousands who would otherwise now have been claimants for their nation's bounty as it is called: their nation's justice it should be named.

does not such a course prove and magnify our surmises and conjectures? What better argument against the bank? They may, and I believe will, succeed in putting down the resolution; but our defeat will be a triumph; and we may now, with renewed and increased and confirmed as

This bill, sir, should be urged as paying a debt of gratitude, long since contracted, cruelly delayed, as a peace-surance, persist in opposing every movement which tends offering to those who have for years been dead; to those who have lately died, as an act made to appease their injured shades, by taking some slight notice of their companions in arms. If this, sir, will not be sufficient to atone for the long neglect, it is all that can be done now, and that should be done quickly, for the most part of the patriots of that day are over the ages of threescore years and ten, and they are now daily falling like the leaves of autumn, and soon not even a sear or blasted leaf will remain.

to the passage of the bill. Sir, said Mr. M., my opposition to the bank does not arise from prejudice or party, or precipitate reflection. It is the result of the coolest deliberation, made in my retirement at home, far from the heats and tumults of this scene. I am perfectly aware of the advantages of the bank. I am persuaded that a similar institution is highly beneficial to any people, in preserving the purity of paper currency-in keeping it down to the standard of the precious metals—and especially so to our country, from its vast extent, from its great internal Sir, nations should have no other excuse for not paying commerce, and from its being divided into twenty-four their debts, than such as justice allows an individual-want distinct Governments, each having a paper medium of its of means. Our nation, thank God, has not that excuse at own. I am aware, also, of its usefulness in collecting and this time to offer. This act of justice ought to pass at this distributing the revenue. Those who will turn their eyes time, leaving all regrets for its not having been done be- to the last war, will see with pain the disordered state of fore. And, sir, it remains for the able and talented gen-the paper medium, and the perilous and humiliating contleman at the head of the Committee on Revolutionary dition to which our Government was reduced from the Pensions, and the active spirits of the present Congress, want of some similar institution. But I am aware also of composing that committee, to urge this bill in season and its evils, and think that they balance and overbalance its out of season, until the matter is accomplished, to wipe benefits, from the danger to which they expose the liberaway the stain of ingratitude from our country's escut-ties of the people, and our constitution of Government. I cheon.

sincerely believe that, with such a bank as this, Congress may make itself independent of the people, and the President make himself independent of both. This will not appear an exaggeration to those who will reflect on the history of the Bank of England--who will read the debates in Parliament on the suspension of cash payments in 1795, and on their resumption in 1819--and who will consider that, by means of this little engine, the vast mo

The resolution of Mr. CLAYTON for a committee of in-narchies of Europe were confederated and sustained quiry into the affairs of the United States' Bank coming up for consideration,

rose.

Mr. MITCHELL, of South Carolina, who had the floor, He said that the subject before the House was incidental to the main question on the bank, and of very limited scope, but one in which he and his friends felt the deepest interest.

against France, and that a debt was accumulated, by which that magnanimous and illustrious people, with all their resources of money and mind, must be ultimately crushed.* Did I not believe the bank unconstitutional, the deep interest which I feel for the constitution and the liberties of the people would induce me to oppose it in every way. But to the subject before the House.

When the resolution was first submitted by the gentle- The chairman of the Committee of Ways and Means man from Georgia, [Mr. CLAYTON,] he had not the slight- has demanded of the mover of the resolution proofs of est idea that an objection to it would be made from any his allegations against the bank, and has declared that, quarter. On the contrary, he thought it would have the without proof, he will vote against it. The honorable rare felicity of uniting all parties-of harmonizing into gentleman from Connecticut [Mr. HUNTINGTON] has taken one movement the very discordant and repellant mate- the same stand. Proof, with them, is the sine qua non to rials of which the House was made up. Those who the passage of the resolution. Both gentlemen have misthought with him, said Mr. M., that the bank was an en-taken the character of the resolution. It is not accusagine of mischief and corruption; that it was not only capa-tory but inquisitorial. Its object is not to supply us with ble of the greatest abuses, but that it had been abused to grounds for a scire facias against the corporators, but to the vilest purposes, would press the resolution, because enable us to decide whether we shall be right in renewits adoption would lead to the discovery and exhibition of ing the charter. It is not intended to punish past transthat hidden corruption. Those, on the other hand, who gressions, but to guard against future transgressions, if thought the bank a great public good, extending over the we decide to pass the bill. We are not in the situation of whole country, invigorating and enriching every branch this House in 1818, when a similar motion was made.

MARCH 1, 1832.]

Bank of the United States.

[H. or R.

Then the intention of the House was to disfranchise the of parties here and there, the political changes which bank, and the inquiry was for matter to sustain a criminal must or might occur in our Government. Yet what do process for that object. But our situation and views are they say about the dissolution of the charter? Why, they very different. The bill which we are called on to pass, passed a resolution leaving it discretionary with the presiis to take effect on the 4th of March, 1836, four years to dent and directors to apply to Congress for a renewal of come after the dissolution of the charter. The present the charter at any time before their next meeting, which act is in futuro. Our present debate is on the supposition was three years off. The resolution is a complete carte that the charter has dissolved; that the corporators no blanche. Had any necessity for passing the bill at the prelonger exist; that the corporate seal is broken; that the sent session existed, would it have escaped the sagacity of bank is no longer a living being of power, but a cadaver- such an assembly? Had the safety of the bank depended a dead subject, which we should examine with the dis-on the passage of the bill at the present session, would passionate and curious scrutiny of a surgeon, who lets no peace of corrupted flesh, no bone or muscle, however monstrous, escape the edge of his knife.

The charges of the gentleman from Georgia [Mr. CLAYTON] against the bank, ought to be considered no more than his reasons for demanding a committee of inquiry. To require proofs in such a case, is manifestly an evasion on the part of the friends of the bank. But if the resolution was accusatory, the gentleman would not be bound, at this stage of the business, to furnish proof. In case of felony, of the blackest of all felonies, treason, the prosecutor is not called on for proof at the incipience of the process. His suspicions are sufficient to justify a warrant of arrest and commitment against the accused, to wait the trial of a jury.

they not have passed an imperative resolution directing the directors to apply for it at this session? Would they have left so important a measure on so loose a footing, a measure involving the life of the capital in its present form for twenty years?

Would they not have known that an immediate application from them to Congress would have had a better effect than from the board of directors? Most assuredly. Yet we are now told, in three short months after this meeting, by the president and directors, that the bill must pass at the present session, or the interests of the bank will be put in jeopardy. What great event has occurred since September in the affairs of mankind, to make the passing of the bill at this session necessary? Any great revolution at home or abroad? Have the elements in EngBut the chairman of the Committee of Ways and Means land become more disordered? Has the reform bill been tells us that he requires proof now, (though he would not rejected, and the volcano burst? Has Louis Philippe abhave required it at the beginning of the session,) because, dicated, and the continent of ill-fated Europe been turned if the resolution passes, it will endanger the passage of again into a battle ground? What great change in our the bill at the present session, from the delay which the trade? &c. Have these great events produced a correresolution will occasion. And he has not condescended spondent change in our money market? I believe not. to state a single reason why the bill should pass at the pre- But if the committee furnish us with no reason for this sent session; when, if passed, it is not to take effect for precipitate and premature movement-if the president four years to come, it is not to operate as a law until the and directors, in their memorial, only stated facts which 4th of March, 1836. To induce the House to do so ex- must have existed, or been foreseen by the stockholders, traordinary an act--an act so far removed from the ordi- what are we to infer from this application to pass the bill nary course of legislation, as to pass a law which is to at the present session, four years before it is to take take effect four years hence-to bind those who are to effect? Why, what can we infer, but that it is a political succeed us on this floor, when we, perhaps, will be sleep-movement on the part of the bank to effect the Presidening in the quiet graves of our fathers-when all the pre- tial election--to promote the election of Mr. Clay? Is sent facilities of the bank may be worth nothing, from the any member so blind as not to see it? Does it not stare improvements in its structure which we may well expect him in the face? Does it not ring in his ears? Now, sir, from the wonderful exuberance of modern invention-ex- this is one of my great objections to the bank-its ability traordinary reasons, we might well expect to induce us to to operate on our public affairs. Is it not monstrous that do so extraordinary an act. But on this the gentleman has this paper corporation--this house of money changers, been silent. The committee has been silent. Le roi le veut-- should undertake to control our votes on any subject, their will for the reason. Submissive and most loyal repre- more especially with regard to the renewal of its own charsentatives! distinguish yourselves by doing a most extraor- ter, by its influence on the election of our Chief Magisdinary act in passing this law at the present session, (though trate? And what is that influence? Boundless--incalcuit will not operate for four years to come,) without a reason lable. Wielding a capital of sixty millions of dollars, with for so unprecedented a measure. But how can we expect power to crush every State bank in the Union; having the friends of the bank to give us a reason for the passage of thereby, in its iron clamp, the press, the bar, the countingthe bill at this time, when, from the history of the whole house, the manufactory, and the workshop; its influence transaction, none appears to have existed? In September penetrates into every part of this vast country, concenlast, in Philadelphia, there was a triennial meeting of the trating and directing its energies to any point it pleases. stockholders of the bank, for the purpose of inquiring into Do we not feel it in this debate-in every motion made-its affairs, and making provision for its future administration. in the excitements on both sides of the House? Are not Among these were persons active and skilled in the busi-Jackson and Clay men as regularly marshalled and planess of human life. The names of Binney, and of Hemp-tooned, as if marching to the ballot box? It is in vain to hill, and of Ingersoll, and of others, are familiar to our disguise it. Fortunately, said Mr. M., the action of the ears. Stephen Girard was at the head of this meeting--bank is not felt by me in this question, for the effect of a man of most extraordinary powers-possessing a saga- my vote on the resolution is not at all at variance with the city which saw every thing, and an energy which left no- effect of my vote on the bill. There are some members, thing undone. A report of the proceedings of this meet- however, differently situated, whom it places in a most ing is now on my table. Not one word, not the shadow of trying situation. There are some who are enemies to the a word, from them about the necessity of passing this law bank, but friends to Mr. Clay-who believe the one as at the present session. As the meeting was not again to dangerous and unconstitutional as the success of the other assemble for three years from that time, it is not to be would be beneficial to the country. These are bound to supposed that they overlooked the dissolution of the char-press the resolutions, yet, in doing so, they counteract ter which was to take place shortly after their next ses- the effect of the political movement. The bank forces sion. All the concerns of the bank were before them-- them to vote against what they deem constitutional, or its interests in the United States and in Europe, the state against what they believe to be a measure of great public

Bank of the United States.

[MARCH 1, 1832.

benefit. On the contrary, some are in favor of the pre- and accomplices to the government of the bank, by sent administration, who are friends to the bank—who holding their surplus shares in the names of other perare disposed to press the passage of the bill, though they sons--in paying their instalments by loans from the bank, know its effect is intended to defeat the election of one, or in depreciated paper of the State banks, instead of in whose integrity, firmness, and patriotism, they have specie or stock; in the enormous discounts made to spethe most implicit confidence. Now, said Mr. M., I am culators, who had not capital to justify the present adnot under the slightest apprehension that any member in vances, much less afford the hope of ultimate reimbursea crisis so distracting will forego his duty. The action of ment! the House will be the same as if this extraneous influence Senate, [Mr. TYLER,] in his speech on this subject, in An eloquent gentleman from Virginia, now of the did not operate. But is it not a most disagreeable di- 1818, stated that there were loans to individuals, or firms, lemma for any man to be placed in? Is not the bank put- of one million eight hundred thousand dollars, of four ting them under a sort of duress? And is it to be tole- hundred thousand dollars, of two hundred and seventyrated, that a corporation, which has no principle but gain seven thousand dollars, each, and that ten discounters --no passion but avarice--no country but the money had obtained from the bank the enormous sum of three market of the world--whose funds are as accessible to million six hundred and ninety-two thousand one hundred the King of England to invade, as to this Congress to de- and fifty dollars. fend and protect us-whose connexions are as intimate and as profitable with Baring, Brothers, & Co., at character is no security for present good conduct. The Again. It appears from the report, that former good London, as with our Secretary of the Treasury, at Wash-persons who were guilty of these frauds were men of the ington--should exert this illegitimate and immoral action highest standing-the first merchants of their communion our deliberations? For if there be an assembly on ties-a class of men distinguished for its integrity, the earth which should be free and unbiassed--which should punctual discharge of its engagements, and its pride of be governed by reason and conscience alone--which character: yet such is the mystery that hangs over bank should forget themselves in the interests of this vast and transactions, that, at the very time that these infamous common country-which should expel and repel all extra- frauds were practised, that the stockholders were robbed neous influence, it is this--the representatives of the peo- of sums which have not yet been redeemed, no man harple. Had I been the counsellor of the bank, I should have bored a suspicion of their existence. Sir, the conduct of said, for God's sake, as you value your success, do not this great institution contaminated the fair fame of our intrude yourself into the House at this time. the struggle is over--when the paroxysm shall have from reading, and which I would not have alluded to, had Wait until country. It is a part of general history which we revolt ceased, since you confess that there is no pressing reason I not been compelled by the friends of the bank. for it at the present session. Do not prove all the denunciations, all the prophecies of your enemies, to be true, and give the lie direct to the eulogies of your friends. So much, sir, for this unprecedented procedure on the part of the bank.

bank, to show the necessity of investigation before we But is it necessary to ransack the former history of this renew this charter? every State in the Union been soiled by the foul transHas not the character of almost But what, sir, is the proposition before the House? To highest standing, enjoying unbounded confidence, with actions of its banks? Have we not seen men of the appoint a committee to examine into the concerns of the every inducement to continue their career of honor, pubank. For what? To ascertain whether we shall pass an rity, and usefulness, poisoned, and corrupted, and deact to renew the charter for twenty years. And are we stroyed, beyond all hope of redemption, by the insidious not right in pressing and advocating the resolution? temptations, the intoxicating, fatal, and irresistible hopes What do we know of the internal arrangements of the held out by these institutions? Have we not heard of bank-of its economy--of its principles of action--of its frauds being committed with so much nicety and adroitconnexions, foreign and domestic--of its interference in ness, that years have elapsed, and scrutiny after scrutiny our political concerns--of the conduct of its administra- been made, without suspicion, until, by accident, or some tors of the real condition of the capital? Nothing, sir, uncommon sagacity, the secret spring has been touched, but what we are told in the report of a committee ap- and the fraud exposed, to the surprise of all? Are we pointed by this House, in 1818, to inspect the books and then to be told that we exercise unjustifiable jealousy; examine into the transactions of the Bank of the United that we are over-suspicious, when we ask to see with our States, and the report of the president and directors for eyes, to hear with our ears, and to judge with our underthe last year, 1831. These are the only documents, the standings; or that we are unreasonable in requiring that only evidence of any kind, with regard to this institution, evidence (which the House would grant in a case of the submitted to us. And no two pictures can be more oppo- smallest appropriation) to pass a law involving thirty-five site; poetry presents no stronger instances of contrast; millions of dollars, capable of such vast effects upon our darkness visible here-celestial light there. the exposé of able and impartial members of Congress, of our countrymen? The one is public affairs, and implicating the fortunes of thousands influenced by nothing but a love of truth to represent facts as they were; the other is the exposé of the presi-ant to know, and which we cannot know without the inBut, sir, there is another fact which it is highly importdent and directors themselves, saing for a renewal of vestigation of this committee, and that is the amount of their charter, and under the strongest impulses to pre-stock owned in this bank by foreigners. According to sent a captivating and glowing picture. Now, allowing Mr. McDUFFIE's report at the last Congress, the amount each to be true with regard to the period it represents, owned by foreigners was seven millions, just equal to the and there is no necessity for the argument that they original share of this Government. should be brought in opposition, there is enough in the that this sum has increased to eight million four hundred report of the committee to impose investigation upon us and five thousand five hundred, besides what is hypotheBut we are now told as an imperative duty. From the instances of fraud ex-cated to foreign houses. Now, sir, with such a foothold, posed in the report, it is clear that the bank is liable to may not foreigners, or even a foreign Government, gain the grossest abuses; that these abuses may be practised an ascendancy in this bank? Who is prepared to say under the fairest appearances of good faith and honesty; that now, at the present moment, that ascendancy does that they elude all detection; that it is impossible to foresee not exist? If so, will not our agriculture, our commerce, their nature, or the extent to which they may be carried. our manufactures, the moneyed interest of the United Who could have detected the fraud practised by some of States, nay, the fiscal arrangements, the fiscal power of the stockholders, in securing the election of their friends this Government, be under foreign influence? Will not

MARCH 1, 1832.]

Bank of the United States.

[H. of R.

our all and every thing--all which the selfish desire, or ject of deep interest to the country, when the gentleman's patriots hope for and reverence, be at the disposal of opinion is already settled, and cannot be changed by any persons who have no common interest with us, and who investigation? would move and regulate the whole to subserve the interest and prosperity of another country? Should we, without the most patient and minute inquiries, raise up in the heart of our country an engine of such enormous power, which, in peace, would impoverish and wither our industry, and, in war, palsy every effort of the Government, and force us to a fatal and disgraceful pacification? I trust not, and hope that the resolution will pass.

The gentleman from South Carolina, [Mr. MITCHELL,] who has just taken his seat, has told us that the application on the part of the bank, at this time, is premature and unnecessary. The gentleman must be fully aware, from his own experience on this floor, of the slow process, the tediousness of legislating upon all important subjects which are ardently and strongly opposed. Every species of congressional tactics we find resorted to by the Mr. DENNY, of Pennsylvania, said that he would have opponents of a measure for the purpose of defeating it, given a silent vote against this proposition on the day it or retarding the action of the House upon it, and thus by was first submitted to the House by the gentleman from delay, by exhausting the time of the House, effect their Georgia, [Mr. CLAYTON,] nor would he now have risen to object. The bank has acted correctly. The President trespass upon the time and the patience of the House, had has repeatedly mentioned the subject in his messages to he not felt called upon to repel, as to himself, the charge Congress; public attention anxiously directed to it from brought against the opponents of this resolution, of a dis- all quarters, the directors of the bank would have greatly position to smother inquiry. To screen the bank from erred had they not, under these circumstances, presented investigation is not the foundation of my opposition to this the subject for the early consideration of Congress. Sir, resolution; if it should be ordered, I have no doubt the it was due to the country, it was due to the borrowers bank will come out triumphantly, and will prove to the from the bank, it was due to the Government itself, and world that its affairs have been honestly conducted, admin- to Congress, not to delay the application. The time which istered with purity of intention, advantageously to the Go- the charter has to run is not so material to us; it is the opvernment, and beneficially, in the highest degree, to the portunity for action which is important to this House. people and the nation at large. Should we then complain that the bank has submitted the subject to us at this session for our consideration? The responsibility of delay rests now with us, not with the bank.

I believe the measure proposed for the adoption of this House is unnecessary, inexpedient, and, if adopted at this time, will prove extremely prejudicial to the best interests of the country, which are deeply involved in the question of rechartering the bank.

The gentlemen opposed to rechartering the bank seem to me to have viewed this question as one involving merely the interests of stockholders. Sir, I consider their interests as altogether secondary; nor would I advocate them, did they conflict with the interests of the country; I would give to them, and act towards them, with the same justice that I would show to any other class of our citizens. Sir, I take a broader, a higher view of this subject, and stand here to advocate the paramount interests of the country, which are, I believe, vitally connected with the decision of this important question.

Who calls for this investigation? Have the people demanded it? Have the people presented their memorials, as they do upon all matters touching their immediate interests, alleging heavy charges against this institution, and requiring at this House an investigation? Where are their loud complaints? Have they been heard here? No, sir; we hear nothing but the whispers of dark suspicion, emanating from quarters inimical to the bank. Charges based upon suspicion are then introduced here, by an honorable How did this bank come into existence? To what does member in his place--charges, old, unfounded in fact, it owe its origin? Was it upon the application of wealthy uttered elsewhere, and ably refuted, are echoed here, and capitalists, of stockjobbers, and speculators? No, sir. It a gentleman gravely demands a committee of investiga- was called into existence by this Government. The exition, regardless of its effects at this time upon the interests gencies of the country demanded it. The Government of the country, and upon the action of this House at this was much embarrassed in its financial affairs, and experi session upon the bill reported by the Committee of Ways enced great inconvenience and difficulty in the collection and Means, for rechartering the bank. I shall not attempt of its revenue from the interior and remote parts of our to examine this catalogue of charges in the indictment, as country. The necessity of a bank became apparent; and the gentleman calls it, against the bank. They have met Mr. Madison, in 1815, called the attention of Congress to a triumphant refutation in the able and unanswerable ar- the subject. The able and distinguished individual then gument made upon them by the distinguished gentleman at the head of the Treasury Department (Mr. Dallas) refrom South Carolina, [Mr. McDUFFIE.] The object of this commended the measure strongly, and submitted a plan resolution does appear to me to be, to produce delay, to for a national bank, "not (as he says) for the purpose of postpone the consideration of the main question for ano-commerce and profit alone, but much more for the purther year; that this will be the effect, I have no doubt. poses of national policy, as an auxiliary in the exercise of Why evade a direct action at this time upon the bill to re- some of the highest powers of the Government." Some charter the bank? What good can be accomplished by of the ablest men then in Congress advocated the meathis course? Should this inquiry take place, and the re- sure, and it was urged as indispensably necessary to enable sult be highly honorable to the bank, will it convert the the Government to carry on its fiscal operations. gentleman from Georgia, [Mr. CLAYTON,] and those who Thus we find that this institution originated with the advocate his resolution? No, sir; they are the enemies of Government; that it was designed primarily and essenthe bank, under all circumstances. No matter how pru- tially for the benefit of the Government. dently the affairs of the bank may have been managed; the result? Important facilities and advantages to the no matter with what purity and honesty its directors and Government, and to the whole country, in every departofficers may have conducted, these considerations weigh ment of business. Need I recall to the recollections of gennothing with the gentleman from Georgia, [Mr. CLAY- tlemen the miserable state of the currency at that period, TON;] he will not cease his opposition, because he when specie had disappeared from the face of the land, tells us it is founded upon constitutional grounds. Why and the country was inundated with notes, with " "rags,' then does he not co:ne up to the point at once? Why not, as they have been called, from petty corporations, turnwith the same frankness and candor evinced by the gen- pike companies, and rotten banks? The first efforts of tleman from North Carolina, [Mr. BRANCH,] expresss his the bank were to restore a sound currency to the counwillingness to meet the question directly? Why obstruct, try; and for this purpose imported a large amount of speembarrass, or delay the action of this House upon a sub-cie from Europe, and induced the local banks to make

What has been

39

arrangements for resuming specie payments; and in July, 1818, specie was once more thrown into circulation. These were some of the first acts of the bank which were beneficially felt throughout the Union.

[MARCH 1, 1832.

give us timely warning, that we may be prepared for the cry "the Philistines be upon you;" otherwise it will be sporting with our situation; it will be prostrating the giant West, for the mockery of those who envy its prosperity, and dread its rising power.

The Western country suffered more than any other portion of the Union from the unsoundness and depreciation The gentleman from South Carolina, who immediately of the currency, and feels now more extensively the be- preceded me, [Mr. MITCHELL,] has taken a wide range. nefits which the Bank of the United States has con- I shall not follow him throughout, but will merely detain ferred. And yet the gentleman from Georgia [Mr. the House while I remark briefly upon a few of the points CLAYTON] thinks the West an object of sympathy, and is of his argument. The gentleman drew a parallel between suffering from the oppressive and intolerable burden the people of Great Britain and this country; but, sir, in which he imagines the bank to be. Where are the com- commenting upon the power of the Bank of England, a plaints from the West; and where are the applications to dangerous power, as he seemed to think it, it appears to be relieved from this "intolerable burden?" Would the me he was very unfortunate in the illustration which he gentleman from Georgia be made the organ of such com- furnished. Mr. Pitt, the gentleman says, who then adplaints, when the West is so ably represented on this ministered the Government of Great Britain, sustained a floor? How does he propose to relieve the West? By war against France by means of the Bank of England. I destroying the bank; by withdrawing the immense capital trust, sir, we shall never be reduced to the necessity of which has been loaned to the inhabitants? Sir, the re- depending upon the Bank of the United States for our medy would be worse than the disease. It would be fatal; main support under like circumstances. But, sir, if we it would be death; it would be far more destructive to the should ever be engaged in another war, and the bank West than the wild and wide rush of water which has so should refuse to aid this Government to the extent of its recently rolled through the beautiful valleys of that re- power, when called upon by the proper authority; if it gion, overwhelming fair and fertile fields, and carrying should withhold assistance, I then would prostrate it in the along with it, in its course to the ocean, the labors of the dust; it would deservedly have forfeited all claim to our farmer and of the villager. We are told that misfor- protection, and ought no longer to receive it. The gentunes never come alone: if the gentleman from Georgia tleman has also cited here some opinions of Mr. Jefferson: should succeed in his object, and this bank be now de- it is for the House to decide upon the weight of this austroyed, then indeed will the West become the victim of thority. Mr. Jefferson's writings may be quoted on all twofold misfortune. subjects, and on all sides of all subjects. If the gentleman will adopt some opinions of Mr. Jefferson, to which I can refer him, from being a decided anti-tariff, he will become as strong a tariff man as I am before he leaves this House.

That we may have a correct idea of the consequences to the West, should the bill for rechartering the bank be rejected, permit me to call the attention of the House for a moment to a statement now on our tables, showing the large amount of capital furnished to the West, all of which Another reason which the gentleman from South Caromust be returned. There is due from Louisiana nine to lina [Mr. MITCHELL] has urged in support of this resoluten millions of dollars; from Tennessee about four mil- tion, arises from the circumstance that some of this stock lions; from Kentucky five millions; from Ohio five millions: is owned by foreigners, and of this he complains. For at St. Louis half a million. I give the amounts in round my part, sir, I am pleased with this evidence that foreigners numbers, and am under the exact sums. How has all this have confidence in the integrity of our institutions, and been invested? Why, sir, in cotton and sugar plantations, the honesty of our citizens. If foreigners be willing to in commerce, in manufactories, in farms, in steamboats, place their capital in our hands, shall we refuse it; shall in every species of industry, and in all kinds of Western we say to them, you shall not hold any of our stock, either produce; among the merchants, mechanics, traders, boat- Government or bank? Sir, it would not be wise, it would men, drovers, produce dealers, and persons almost of be unbecoming this House, unbecoming this nation. The every employment. If all this capital is to be refunded gentleman is afraid of foreign influence. Sir, are there without ample notice, great distress and embarrassment no other channels through which foreign influence may will necessarily ensue. Withdraw from New Orleans the reach this Government? Is this the only one? Sir, this six or eight millions which she has, strike a blow at her, is sufficiently guarded; foreigners may own stock, but destroy her credit, and it will be felt throughout the whole they cannot vote, they cannot influence the direction, they valley of the Mississippi, like the earthquake which once cannot control the accommodations of the bank; they visited that country, penetrating even to the mountain re- cannot dictate to whom, nor to what part of the country gion. Kentucky and Tennessee must pay back about ten the capital shall be loaned; they can neither be directors millions. Ohio, with her rich soil, her thriving and enter-nor officers in the institution. Our own Government holds prising population, and her beautiful city of Cincinnati, one-fifth of the stock, and appoints one-fifth of the directhe pride and the boast of the West, and all who feel for tors. These may be called the people's directors, to the West, will again suffer under a reverse of fortune, guard the interests of the country. If any other precauwill be wounded deeply and severely. tions are necessary, let them be proposed when the bill

If we are to return this capital to the stockholders, and comes up for consideration. There is no necessity to apto this Government, which is a large stockholder, it is all-point this committee to inquire into the fact of foreigners important that we should know it soon. I appeal to that holding stock; the information is already on our tables. sympathy which the gentleman from Georgia [Mr. CLAY- We all know the fact. The document before the House TON] professes for the West, and I ask that fair and full gives to us the amount of stock held by foreigners, with notice be given to us before the streams of our prosperity their names and their titles also; we can obtain nothing be withdrawn, be dried up, by an act of this Government. more by a committee of inquiry. Let not our public and private credit be annihilated at once. Torture us not by suspense, let us know in time. If the West is to be made to bleed at every pore, let the operation be slow; let us know in time when this system of depletion is to commence, that we may prepare for it, that our strength may not fail us, that we may guard against swooning, perhaps irrecoverably, under the operation. If we are to be shorn of the locks of our strength,

The gentleman's apprehensions have not been confined to foreigners on this occasion; his suspicions extend even to the naturalized citizens, and he is uneasy, under the idea that they may become directors; of this he also complains. I regret that the gentleman should make any distinction here between the naturalized and native citizens. Why should there be any difference? The freedom and security which our institutions afford, invite foreigners to