25th CONG....1st SESS.

secured by the owners from fire and robbery, and placed in good banks, and put in circulation by the banks, to aid the enterprise, industry, and business of the people. But to secure these advantages, and augment in this way the active capital of the community, it is necessary that the banks should Le sound, and have the firm confidence of the people.

Banks, in their origin in Europe, were places of deposite and of inspection for money, to prevent clipping or debasing the coin. The checks of the depositors passed from hand to hand as money, and being convertible at all times into specie, this species of transfer was called bank money; so the notes of the Bank of England and of the Bank of the United States, while convertible into specie, may be properly denominated bank money. To give to paper, in the form of bank notes, the cha. racter of money, it is necessary so to organize and regulate our banking system as to secure to the holder of a note the power of converting it into gold and silver at all times; and this we have never been able to do uniformly, but by the agency of a national institution. The banking and paper credit of Great Britain has been carried to a greater extent than that of any nation in Europe; and under its operation and influence she has become the first commercial and naval Power in the world. When Bonaparte, (said Mr. Pope,) was preparing to invade England with a million of soldiers, the timid part of the nation became alarmed, and made a run upon the bank, in order to prepare for flight from the kingdom in the event of Bonaparta's success; and this, with other causes, forced a suspension of specie payments; and yet England, with this suspension, maintained a war against nearly all Europe for more than twenty years triumphed over the combined fleets of France and Spain in two decisive victories, at Trafalgar and the Nile, and carried her power and domination to regions where the Roman eagles never flew when mistress of the world; and there would seem to be no limit to her demination, but for the rising greatness of this Republic

It was, said Mr. Pope, the Anglo-Saxon spirit of this people that gave us independence; and this nation, if united, will, at no distant period, rival Great Britain in cominerce, and check her supreme dominion on the ocean.

What, Mr. Chairman, said Mr. Pope, has been the effect of the banking system and paper credit in this country? It commenced more than fifty years ago, has expanded with the growth of the nation, and, in less than half a century, under our present Constitution, we have risen from a small beginning to be the second commercial nation in the civilized world. Our navigation has increased; our country has improved, with astonishing rapidity, in wealth and internal improvements of every kind; our population has expanded to the far West, where the wilderness has been made to blossom like the rose, under the operation and influence of this banking system so much denounced of late.

Banks are useful, not only in aiding the general operations of commerce, but they place the poor and wealthy on more equal ground. Young men of enterprise, industry, and good habits, can generally, with the aid of friends, obtain loans, on moderate interest, to embark in trade and business; and thousands, said Mr. Pope, of enterprising young men without capital, with a little credit, have risen from poverty to opulence. I know, too, said he, that the branches of the United States Bank established in Kentucky, after all other banks were wound up there, diffused their loans and accommodations to the people of my State as fairly and usefully, and, indeed, more so than other bank ever did, and without interfering in our party contests. I believe, said Mr. Pope, no institutions were ever less liable to such an imputation.

Mr. Chairman, I have now to say to my friends from Virgi nia, who oppose this bill, and insist that the State banks shall be continued as depositories of the public money, that while I do not believe that this Government ought to depend on the agency of banks under State authority, I will vote with them to make general and special deposites in those banks in preference to the bill under debate; and I hope, said Mr. Pope, if the amend ment proposed in favor of State banks should be rejected, that my friends from Virginia will unite with me for a Bank of the United States. They will answer me, probably, said Mr. Pope, that they cannot do this, because it is forbidden by the constitu tional doctrines of Virginia, which, he must confess, he had never been able to understand, although born in Virginia, often an actor on the political theatre, and a supporter of three Virginia Presidents-Jefferson, Madison, and Montoe. If, said Mr. Pope, these distinguished men are to be considered the elders of the Virginia political church, with the addition of the late Mr. Crawford, born in Virginia, and supported for the Presidency by that State, we shall be still more at a loss to understand what is meant by the Virginia doctrines; and we shall probably find them like the doctrines of most other States-one rule of faith in theory, and another in practice.

It has been generally supposed that the Virginia statesmen of the Jefferson or Republican school were opposed to the exercise of implied or constructive powers; or at least that they are more strict constructionists than others; that they are opposed to the exercise of powers not expressly granted; and so am I, Mr. Chairman. If there is any plain line of demarcation between the opinions of Virginia politicians and others, in regard to the powers of this Government, I have never been able to discover it.

It is true that parties have differed about the power to pass particular measures, but there is no general rule of construction on which the statesmen of this country have differed, at least in practice. Those in opposition have, under every Ád. ministration, assailed the constitutionality of measures adopted by those in power; and those in power have uniformly exercised all the powers in their opinion necessary and proper to sustain their policy and accomplish their objects. If politi cians of the Virginia school have, in practice, observed a more strict construction of the Constitution than others, I have in vain, said Mr. Pope, looked for evidence of the fact. Mr. Jefferson, Mr. Madison, and Mr. Monroe, united in the purchase of Louisiana, a d its incorporation into the United States, the constitutionality of which was controverted by the statesmen of the Eastern States; and the correctness of their constitu tional objections was admitted by Mr. Jefferson himself; but he justified the act on the ground of necessity. He considered the acquisition necessary, to secure to the West a free outlet to the ocean, and to preserve the Union. After this, a law passed Congress to establish a branch of the United States Bank at New Orleans, which the bank had no right to do under her charter; and, therefore, that act must be considered in the na ture of an original proposition, and it received the sanction of Mr. Jefferson, then President of the United States; and other

Making public officers depositories-Mr. Pope.

laws were, I believe, passed during his Administration to protect this unconstitutional monster.

Mr. Pope said that among the first acts for which he ever voted in Congress, was the embargo recommended by President Jefferson, in the winter of 107, for which there is no express grant of power in the Constitution, unless embraced by the clause authorizing Congress to pass all laws necessary and proper to carry into effect the powers granted, etc. or the power may be implied as incidental to the powers to declare war and regulate commerce. The public men from the Eastern States, or many of them, contended that, under a power to regulate commerce, Congress had no power to destroy commerce. The law, without limitation as to time, declared that no ship or vessel should depart from any port or place in the United States, for any foreign country; certainly one of the strongest measures ever hazarded by any Governnient.

Mr. Chairman, said Mr. Pope, I do not intend to be understood as questioning the constitutionality of the embargo law. At an early period of this Government, I think, said Mr. Pope, the Virginia statesmen supported the constitutionality and ex pediency of protecting and encouraging American navigation, by imposing discriminating duties on foreign vessels; and, until lately they admitted the power of Congress to pass a protecting tariff. In the year 1781, the continemal Congress, composed of the most godlike men for wisdom and elevated patriotisin ever assembled under the sun, passed the first national bank, called the Bank of North America, ten States voting for it, of which Virginia was one, and three against it. After the next bank, first under this Constitution, had passed both Houses of Congress, and been presented to President Washingto for his sig. nature, in consequence of some opposition to it in Congress on constitutional grounds, General Washington, with that cau tion and prudent circumspection which characterized his course through life, called on his cabinet for their written opinions on the constitutional question; and after receiving and considering them without reference to men or parties, (for he was above all party,) with that practical wisdom and forecast for which he was distinguished, approved the law. Yes, sir, this father of his country, this Virginia President, decided that a national bank was constitutional.

In 1816, Mr. Madison and Mr. Monroe, regardless of previous commitments, bowed to the voice of necessity and experience, and sacrificed their consistency on the altar of their country's good. Virginia, said Mr. Pope, supported Mr. Crawford, a de cided supporter of a national bank, for the Presidency; and in that vote, according to the notions of the day, has declared in favor of a national bank. While on this subject, I will add to the authority of Virginia statesmen the opinions of Mr. Gallatin, Mr. Dallas, Mr. McLean, and others might be mentioned, the most enlightened financiers in the country, who have, from a thorough and practical knowledge of the necessity and utility of such an institution, concurred in opinion with the distni guished men to whose authority I have appealed. May I be permitted, continued Mr. Pope, to refer to the decisions of the Congress of 1791, 18 6, and le32, as high authorities in favor of a national bank?'

In the face of this high authority, the experience of forty years of our national existence, and admonished by the present disturbed condition of the country, it is given out in speeches, and strongly intimated by the President in his Message, that he will put his veto on any bill for the creation of a national bank; and he speaks further, said Mr. Pope, in his Message, of the persevering opposition of the people of the United States to a national bank, and seems to suppose his election a high evidence of public opinion on this question. The conclusion he draws from the event of his election, furnishes very slender evidence on this point; for it never has happened that any Presidential election has turne 1 on any one political question. The choice of the people, co tinned Mr. Pope, of a President is influenced by various considerations, and rarely with reference to any particular question or principle; and, besides, it ought to be recol Jected that the bank question had been disposed of long before his election, and could not have been the only ground of selection. But, continued Mr. Pope, if they decided against a national bank, they must have declared in favor of State banks. In pulling down t e Bank of the United States, It was distinctly announced to the nation, not that bank agency would be dis pensed with, but that State banks would answer the purpose better. The people, therefore, if they decided any thing, have approved the substitute presented to them by those high in authority, who now acknowledge that the substitute of State banks has failed; and hence it is but fair to contend that the people have only declared against a bank on the condition that the State banks would fulfil their expectations; and, therefore, it would seem to be still an open question, or the decision is in favor of a national bank. If any thing has been decided, continued Mr. Pope, it was the question between the Administration and the late bank, on the ground of imputed misconduct on their part, and not the general question of a national bank. He was not sufficiently acquainted with the facts to decide on the merits or demerits of the late bank; he had thought it indiscreet in them to issue publications concerning the controversy with the Government, because it did them no service, and subjected them to the imputation of interfering in the elections and politics of the country. For this course there may have been some excuse on the score of self-defence. I certainly never heard of any charge of the kind against the bank before their contest with the Administration; and the branches in Kentucky, he be lieved, had acted fairly and usefully, and to the satisfaction of all parties. I neither, Mr. Chairman, understand the facts involved in the controversy, nor am I disposed to concern in the discussion of them. I am for a good bank under proper regulations, with a competent capital; reserving to the States one-fourth or one-third of the stock, to be divi ded among them according to an equitable ratio to be paid out of the proceeds of the public lands; foreigners to be excluded from any direction of the bank; the interest to be moderate, and a majority of the stock to be subscribed by citizens of the United States, with a reservation of full power to Congress to gnard against abuses, and insure to the people a sound, stable and uniform currency, and a fair and undicided administration of its affairs. Mr. Chairman, I have no expectation of a national bank until demanded by the voice of the nation; nor is it desirable that Congress should act in advance of public opinion. I am ready to act, at any time, when a majority shall feel satisfied that their constituents are for it. I shall not be deterred from pressing this subject on the consideration of this House or the Executive by any intimation or menace he may give of a veto, and I deny his right in this way to dictate to or influence the deliberations of the legislative body. In doing so he departs from the sphere of action as

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signed to him by the Constitution of his country. From what part or clause of that instrument does he derive the right to tell the Legislature that he will not co-operate in measures deemed by them necessary for the good of the people?

The Constitution makes it the duty of the President, from time to time, to give to the Congress information of the Union, and recommend to their consideration such measures as he shall judge necessary and expedient; but on what part or clause he claims the right to tell the Congress of those things they ought not, or shall not do, I am yet, said Mr. Pope, to learn. The veto power was vested in the President, said he. to protect him against encroachments of the Legislature. It is, to the President, a conservative power, and may, in extraordinary occa sions be interposed to stay, for a time, rash and intemperate measures proceeding from high party or popular excitement, and pregnant with very disastrous consequences to the nation; and in such a possible case, not likely often to occur, the Presi dent may interpose to throw back the subject on the consideration of the people; but when it goes through the crucible of investigation, and is presented as their settled and delibera:e will in relation to matters of concern to the whole nation, I can, not imagine a case where the President could rightfully use his veto to defeat the popular will; and the case is not materially different in regard to constitutional questions. After the nation has long considered and deliberately decided a constitutional question, the President must co-operate with the legislative department, not as he understands it, but as understood by the intelligence of the great community, for whose benefit it was mado. The popular will, clearly and deliberately expressed, must control the course of this free Government, and especially on subjects of doubtful policy, and doubtful constitutional

power.

To illustrate and support my views of this veto power, Mr. Pope said he would call the attention of the committee to the last paragraph of Mr Jefferson's letter to General Washington, on the bank question, in the year 1791. Mr. Jefferson, after expressing his opinions against the bank, well concludes by telling President Washington that, unless his mind, on a view of every thing, was tolerably clear that it was unconstitutional, if the pro and con hung so equal as to balanee his judgment, a just respect for the wisdom of the Legislature would decide the balance in favor of their opinion; it is chiefly for cases where they are clearly misled by error, ambition, or interest, that the Constitution has placed a check in the negative of the Presi dent. This opinion was given to the President at the first session the bank question was agitated in Congress, and before it had been discussed or decided on by the People. How much stronger is the case now, after we have made two successful experiments of twenty years each; after the constitutional power has been three times asserted by large majorities of both Houses of Congress, confirmed by all the other departments of Governmen', and supported by the opinions of a hoe! of the most enlightened statesinen and patriots of this country? Let it be remembered, said Mr. Pope, that the charter of a nationa! bank does not invade the Executive or Judiciary, and can only intrench, if unconstitutional, upon the rights reserved to the States and the People, and is a measure which concerns the interest of the People at large.

If, continued Mr. Pope, the People and the States, from a conviction of the necessity and utility of such an institution, should call on Congress to establish a bank, on what ground could the President rightfully interfere? Should this measure pass both Houses of Congress in conformity to the public will, I cannot believe it possible, said Mr. Pope, that he would venture a veto; but should he, in defiance of the public will, do an act so subversive of the great principle of self-government, for which our ancestors bled, I trust that another Patrick Henry will rise on this floor, and remind those clothed in a little brief authority here, that Cæsar had his Brutus, Charles his Cromwell, and that they had better profit by their fate. Sir, this menace of a veto has no precedent in our history, except an opinion expressed in a message of Mr. Monroe about the appropriation of money for roads, for which he was censured by a friend on this floor. The British monarch would not dare to threaten a Parliament with a veto on a measure demanded by the voice and interest of the nation. The veto power, placed, continued Mr. Pope, as a shield to protect the Executive and other departments against the invasions of the Legislature, and to stay, for a moment, rash and intemperate action, was never designed by our Constitution to defeat the deliberate will of the nation in relation to measures of general interest.

1 will not, Mr. Chairman, said Mr. Pope, say any more, on this occasion, of the veto power or its exercise, but will proceed to notice, very briefly, the amendment offered by a gentleman from Virginia (Mr. Garland) to the bill under consideration, for which, I repeat, I will vote, as the least of evils, and continue this State bank agency, whether the deposites are general or special, until the wisdom and experience of the nation shall pro vide a better. And here he would take leave to remark, that he felt proud that the old Dominion was the land of his birth, when he saw her representatives stand forth, with manly firmness, regardless of party and the frowns of power, and resist measures of such dangerous tendency; and he begged leave to assure them that he was not hostile to State banke-on the contrary, he believed it was wise for every State to have banks of solid capital and under prudent management. He was not disposed, continued Mr. Pope, to impair the strength of the State Governments, because he held them to be essential pillars of the temple of American liberty. While he was not prepared to go the whole length of nullification, his observation of the course and tendency of this Government for a long period had convinced him that the strength of the State Governments must be maintained, and that they were the great bulwarks around which the people must occasionally rally to arrest the anti-republican tendencies to which the central power is liable in the hands of wickedness or folly. At the same time that I express this view, with unfeigned sincerity, I must, continued Mr. Pope, be permitted to say, that the National Government must be al lowed the full and fair exercise of all the powers assigned to it, according to a fair interpretation of the Constitution, to enable it to accomplish the objects for which it was intended. The powers were granted to Congress to regulate commerce, exter nal and internal, and to coin money and regulate the value thereof, in exclusion of State power; and it would be a violation of the spirit and intent of the Constitution to withhold from Congress any of the means fairly necessary and proper, and clearly adapted to carry into effect the objects of those grants of power to which I have referred. An unreasonable distrust or jealousy ought not to be indulged of this Government more than of other Governments created by the people, from whom both State and National Governments hal emanated. Our na

%5th Cove....1st SESS.

tional compact, continued Mr. Pope, whether of the people in the aggregate, or by the States, in their sovereign corporate capacities, ought to receive, especially in regard to powers and subjects to which the States are not competent, a fair and rational interpretation, to accomplish the object of the parties to it, instead of an over-strict, technical, or metaphysical one.

The Conservative friends, he said, must pardon him, while he admired their manly independence, to say, with great deference to their intelligence, that, according to his reflections on the subj ct of commerce and money, they are only half right. We agree, (said Mr. Pope,) if I understand them, that an exclu sive metallic medium will not answer over this extensive country; and that our social and commercial intercourse and business requires a paper representative of gold and silver, otherwise called bank money; for bank notes of undoubted credit, and convertible every where into specie, are money, for all the purposes of human society, If a paper medium is ne cessary-if one is to be coined or manufactured for this people, I put the question, said he, to the candor and intelligence of those gentlemen and all other gentlemen on this floor, whether, according to the divisions of power established between the State and National Government, that medium ought not to emanate from the Federal, instead of State authority? And if gentlemen could only free themselves from their commitments, and disregard of what is termed consistency here, they must respond in the affirmative.

Commerce and currency are certainly placed by the Consti tution within the sphere of national legislation, and the paper medium or bank money representative ought to be issued by a national bank of universal credit and confidence, and on a foundation as firm as the Government itself.

It is essential, said Mr. Pope, that any paper substitute for specie to make a currency over the whole nation, and conver tible into specie every where, must have a national character; and I now put it to gentlemen, continued Mr. Pope, to answer whether it is possible to make the notes of the banks of twenty. six States current every where, and constitute a uniform and stable currency for this people? Is it in the power of this Government to nationalize the notes of all these banks, however solvent they may be, so as to give them a par value every where? And if they cannot, the harvest of the brokers must continue, and the losses to the holders of notes must fall chiefly on the laboring, farming, and planting classes of the community.

It is impossible, said Mr. Pope, for the great body of the peo ple to know the condition or credit of all the local banks scắt tere over this vast country; hence the necessity of a medium with the national stamp on it. The people may be acquainted with the condition, and have confidence in the banks of the State or neighborhood in which they live, but few can know much of distant institutions.

In the most prosperous season of trade and business, when there existed little distrust of banks, it was difficult to travel in different States with local notes, and it was generally under par at a distance from the banks of issue, and had to be sold to the brokers. Mr. Pope said he could not believe that this Govern. ment ought to be dependent on the agency of banks not responsible to them, but under the control of the States; and he had other strong objections to this connection, but he preferred them to the plan under consideration. In addition to the objections he had urged against this bill, he would observe that these SubTreasuries were to be disper ed over the country, and to be in spected by the agents of the Secretary of the Treasury, and their reports, through him, would be all the information which it would be practicable for Congress to obtain. A large portion of the public money might be purloined from these Sub Treasuries, which it would be impossible for Congress to detect, without sending committees to all these distant places to examine things and coment the innoy, and then, without an inspection of the whole, the most vigilant se, atiny could be eluded. It cannot be expected, said he, that the members of this House can absent themselves from their duties here so long, and encounter the labors such an examination would require.

Mr. Chairman, continued Mr. Pope. we have now twentysix States, with unlimited power to make banks, beyond the direct control of Congress, and the banking system has taken such a deep root in our country that it is the extreme of folly to think of exterminating it; and if one State banks another will, and this system must remain a permanent part of our domestic policy. These banks furnish, and will continue to furnish, local currencies for the people; and the inquiry is, whether this Government ought to guard them against the evils of the system, and what are the best and most practicable means of doing so, Every Administration, commencing with that of Washington, down to the present, has considered it the sacred duty of this Government to use the best means in their power to cure disor dr3 in the currency, and insure to the people a stable and uniform measure of value for commerce and contracts of every kind Can it be expected, said Mr Pope, however we may get along in good times, that, in a commercial or pecuniary convulsion, or war, these numerous local banks can have general confidence in each other, or can be united and act with that concert which is necessary to sustain credit and confidence and a good uniform currency during the shocks incident to periods of difficulty and danger? Alarm and distrust overspread the country; moneyed men and holders of notes run on the banks, and force them to close their doors; business of every kind is suspended; thou sands are thrown out of employment, and the public tranquility endangered. A wise Government ought not to content them. selves with the means of managing the vessel of state in plea sant seasons, and when temperate breezes only are to be met with, but should be prepared to keep her steady and moving in the great current of the public interest in the most tempestuous seasons. Throughout our past political history, the strong ground taken against a national bank has been, that State banks would answer; for at all times it has been admitted that bank agency was a necessary and important auxiliary to the fiscal and commercial operations of the country. Twice has that agency failed; twice, for a period of twenty years each, has the agency of a national bank succeeded to the full extent of public expectation; and yet will those charged with the control of public affairs obstinately adhere to the ground they have assumed. If gentlemen believe their constituents are epposed to a bank, continued Mr. Pope, I will not ask them to op. pose their will; I will, however, I must exhort them as frien is, fellow-citizens, and patriots, when they return among the peo ple, to tell them, with frankness, that there is no other effectual and permanent cure for the disorders of the State but a national

bank.

Gentleinen must be sensible, continued Mr. Pope, that

in the exigencies of war and the revulsions of trade, a national bank, with a competent capital, with well esta blished credit a d confidence at home and abroad, would be able, with the aid of the Government, to do more to sustain public and private credit and confidence, keep the monetary system sound and regular, and avert the evils incident to the perils of war and shocks in trade, than a thousand local insulated institutions, with no common head, jerious and afraid of each other, which, in a moment of panic, would each revolve on its own axis, and take care of itself. What occurred twen y years ago, said Mr. Pope, will occur again; when another bank shall be established, the small fictitious banks will be wound up, others of sound capital will dis solve and subscribe their funds to a new bank, and those of good and large capitals, freed from the competicion of swindling institutions, will be able to do a fair business in barmony with a national institution. A new bank, if established, will be required to locate branches, one at least in every State, which will be particularly advantageous to the Western and Southwestern States. The capital and wealth of the South and West consists chiefly of land, live stock, and slaves; and the people there are more disposed to vest the fruits of their industry in such property than in bank stock, yielding a moderate profit of five, six, or seven per cent.

The interest of money in the West is high; in some of the States the legal interest is ten per cent., and the people of those States have little motive to put their capital in banks, who must lend at five or six per cent. The property of the commercial States consists, to a great extent, of money derived from the profits of trade, and they are willing to vest their capital in good stock, yielding a moderate profit; and they would prefer stock in a national bank, because more valuable, and under the protection of the Constitution and Government of the United States. Their capital, through the bank, would be diffused over the nation, according to the demands of trade and business, and would aid and encourage the trade, enterprise, and industry of the West, and especially of the new States of the far West. It would facilitate their exchanges and commerce, and every branch of their industry. The traders from the interior States of the West to the South and West would be able to do their business in a currency which would pass every where, and remit their funds from place to place without hazard or loss.

Sir, continued Mr. Pope, this bank, with its branches diffused over our extended country, part of the stock belonging to the States, would be a bond of union; every man, using a note of a national bank, would, in feeling at least, be in some degree iden tified with the National Government. The power and influence of such an institution is an objection urged by some, to which, Mr. Pope said, he would answer that he believed that the State institutions exercised forty times as much influence and power over the political affairs of the country as had ever been used by both banks of the United States. Nor. can. continued he, any bank exercise one-hundredth part of the power and influence which belongs to the Post Office Department alone. The same objection of power was urged against a navy at as early period of this Government; it was said that the navy would be an instrument of power in the hands of the Government, but time and experience had overruled all objections to this strong arm of our national defence. The navy is not only a weapon of de fence and protection to our rights on the ocean, but a powerful boad of union. Our ships of war, continued Mr. Pope, do not belong to any State; they are the common property of the na. tion: and every victory or defeat vibrates through every fibre of the body politic.

The strong ground of objection, and the one chiefly relied on at all times, said Mr. Pope, has been, that the Constitution does not authorize the creation of a bank, while its utility and convenience have been generally admitted. I shall not, continued he, enter at large into a discussion of this objection, nor have I the vanity to suppose that I could shed any new light on a question on which the intellectual powers of a Hamilton, a Gallatin. a Marshall, a Pinckney, a Crawford, a McDuffie, and a host of others, the most distinguished statesinen of our Republic, have been exhausted, supported by the cool and deliberate opinion of the Father of his Country, sanctioned three several times by large majorities of both Houses of Congress, and at a late period, after a long trial of its utility and necessity, confirmed by the opinions of a Madison and Monroe, two of the elders of the Republican church. One fact, often mentioned in the pub. lic prints, and much relied on here, I must, continued Mr. Pope, be permitted to notice; and that is, that the convention rejected a proposition to grant charters of incorporation. I have not, said he, examined the proceedings of that body; but ifthe fact be as stated, it proves nothing, because that proposi tion was for a general power to grant charters of incorporation. That was, I think, very properly refused-nor is such a power contended for by the friends of the bank. It will be a sufficient set off to that fact, to state another, and that is, that in the same convention a proposition was made to grant Congress a power to emit bills of credit, and that it was rejected. Now, sir, continued Mr. Pope, it is well known that during the late war Congress did issue bills of credit; and the bill passed at the present session, to issue Treasury notes, approaches very nearly, if not entirely, to bills of credit.

If, said Mr. Pope, it be fairly necessary and proper to grant a charter to carry into effect any of the great powers granted, if such a measure is a necessary auxiliary to effectuate other powers, and it has a fair relation to it, then the bank is consti tutional; and if money is not to be had to meet the demands of Government by taxes or loans, if it is necessary to resort to an issue of notes, then it may be constitutional. I voted, continued Mr. Pope, with much hesitation for this Treasury note bill, be. cause it authorized a larger sum than appeared necessary, and it seemed to me more congenial with the spirit of the Constitu tion to borrow money directly than to do it indirectly; but as the amendment to borrow directly failed, and the interest on the notes gave it the appearance of a loan, I voted for it, to relieve the Treasury, and give some relief to the country. I entered this House, continued Mr. Pope, with no disposition to find fault or embarrass the Administration. I voted for indulging the merchants, and will give time to the banks to enable them to indulge the people; and would have voted for the postponement of the fourth instalment, provided the House had adopted the amendment offered, making it the duty of the Secretary of the Treasury to pay the money at the period to which payment is postponed; but, sir, I felt constrained, by a regard for principle and the public good, to exert my feeble powers against the pas-age of this Sub Treasury bill.

Mr. Chairman, said Mr. Pope, I had more to say to this com mittee, on the several subjects embraced in this debate, but I feel too much exhausted to proceed, and will therefore conclude

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with urging on the consideration of the representatives of the people the propriety of postponing a final decision on a measure of so much importance, and involving principles of such great magnitude, until public opinion can be pronounced upon It. If the measure be doubgul in principie or policy, we ought to avoid the appearance of precipitancy; respect for our constituents, who have had no opportunity of making known their sentiments, and who are to be bound by this measure, requires that the final action on this bill should be suspended until the next session. Let us, continued he, think a little more our selves, and afford our constituents an opportunity of thinking and speaking also.

SPEECH OF MR. CROCKETT,
OF TENNESSEE,

In the House of Representatives, October 5, 1837--On the bill authorizing an issue of Treasury notes.

Mr. SPEAKER: I hope, sir, the House will not think me impertinent of obtrusive when I ask their indulgence, but for a lew moments, to submit some few remarks in justification of the vote which I feel it to be my duty to give upon the bill now under consideration. After so much has been said upon this subject, either d rectly or indirectly, perhaps I may not hope, sir, to cast any new light upon it, or to place it in any point of view in which it has not already been considered. But when I consider the pledges I am under to my constituents, and the very extraordinary course of measures which has been recommended by the Administration, I cannot permit this occasion to pass without at least making a general expose of my views, in order that my constituents and the country may see upon which side of the fence" I stand in relation to these great and important questions.

Sir, I was one of those who used all honorable means to prevent the election of the present Chief Magistrate of this nation to the distinguished and exalted station which he now occupies. But, sie, I do not entertain any bitterness of feeling towards the President; nor did I come here as a representative of the people determined to oppose his Administration, right or wrong, or to throw obstacles in the way of its success. O the contrary, it was my firin purpose to divest myself of the shackles of prejudice, and sustain the Administration in every measure which I might believe calculated to advance my country's prosperity, and fearlessly to condemn and resist whatever would, in my judgment, tend to yro luce a contrary result; and this is still my determination.

Sir, the Congress of the United States has been convened under extraordinary circumstances. We are assembled in obedience to the proclamation of the President, to take into cons devation "great and weighty matters" which claim our attention; an i we find ourselves surrounded by a state of things, in my humble opinion, unprecedented in the annals of this country. I must beg leave to differ most materially from the honorable gentleman from Massachusetts, (Mr. Parmenter.) who has just resumed his seat. He tells us there is no general distress in the country; that it is confined to a few individuals, and the merchants in the large commercial cities. But, sir, it would seem to me that we have before our eyes the most incontestable evidence of the deepest pecuniary distress and embarrassment in every quarter of this Union. So far as I have heard, no section is exempt, save the district of the honorable gentleman from Ohio, (Mr. Duncan,) who declared on this floor, not many days since, that none had been felt or experienced there; and sir, I apprehend this exception stands "solitary and alone." We fird our currency most awfully deranged every branch of industry and enterprise prostrate-public confidence withdrawn-com. merce and trade suspended, and universal bankruptcy and ruin staring us full in the face. These things, sir, are acknowledged to exist, and are brought to our view, and their causes assigned, in the Messge of the President. Whether he has given the true causes, I will not here stop to inquire; but, be that as it may, the evil is upon us, and all eyes are turned upon Congress with the most intense interest and anxiety, to see what measures of relief will be adopted; and, sir, what relief are we about to extend? In the very first paragraph of the Message, the most deranged and embarrassed state of the finances of the Government is brought to our notice; and, in the second, we are told that, owing to the increased embarrassments in the pecuniary affairs of the country, the public revenue would be so far diminished, that the accruing receip's into the Treasury would not, with the reserved five millions, be sufficient to defray the expenses of the Government until the usual period for the meeting of Congress, and, sir, although this increased state of embarrassment in the pecuniary affairs of the country is acknowledged to exist, yet a system of measures has been recominended, and has been brought forward by the Committee of Ways and Means, all having in view but one single object-the relief of the Government.

With this view, sir, it is proposed by the bill now under consideration to clothe the President of the United States with authority to cause to be issued ten millions of dollars in Treasury notes, to meet the exigencies of the Treasury; and for the redemption of which the faith and credit of the United States are to be solemnly pledged. This, then, sir, is the "great and weighty matter" which we have been assembled to consider! It is a "great and weighty matter" that the Treasury should be replenished, so that the office holders may get their pay. But the distress and embarrassment of the community seems to be a matter of minor importance, and of but little cone rn! Sir, it has been urged by honorable gentlemen that this is a measure of relief to the country; that it will supply the country with a circulation and a mediuin of exchange; and I grant that it might offer some temporary relief; but, sir, I believe it would tend, ultimately, to aggravate the disease So far from being a measure of permanent relief to the people, I believe it is the entering wedge to an institution almost as odious as the Spanish Inquisition. I mean, sir, a Treasury bank. In fact, if the amendment of the honorable gentlaman from South Carolina (Mr. Rhett) be adopted, a Treasury bank of issue and deposite is at once established.

Sir, instead of showing any disposition to gran' relief to the people, we are called upon to increase their burdens. We are about to heap upon them another national debt, (for, disguise it as you will, it is nothing less, and has been so admitted on all sides.) to the amount of ten millions of dollars, to relieve the Government; while the people are told, substantially, that they need not expect any relief; that it is the business of the Govern ment to take care of itself; and that it has no power to intermed. dle with the concerns of individuals! The Government, after having tampered with the currency until it is ruined and anni.

25th CoNG...1st Sess.

hilated-after having prostrated every branch of industry and enterprise, the commerce and credit of the nation, by practising wild and visionary experiments-cuts loose from the people, and tells them it has no power to grant them relief, or interfere with their concerns! They are to be dismissed with a lecture on economy. Yes, sir; they are contempauously told that they are to look to their own industry and frugality for reliel, without the aid of the Government! Sir, this reminds me of the language of Job's comforters. We read in Holy Writ, that on a certain occasion Satan was permitted by the Almighty to try an "experiment" upon the firmness and integrity of "Jab, a perfect and an upright man, one that feared God and eschewed evil;" that when, by the power of this arch-enemy of the peace and happiness of inan, Job's fortunes, and his children, and every thing that was calculated to render him happy, had been driven to the four winds, and he was reduced to beggary and ruin; when, in addition to this," he was smitte with sore boils from the crown of his head to the sole of his foot," and was groaning under the biterest agonies of human affliction; when, in short, by one calamity upon the heels of another, he had been reduced from the highest state of prosperity and happiness, to the lowest depths of degradation and misery, and was wont to roll himself in the ashes upon his hearth, there was but one resource left upon earth he could look for consolation and solace and that was, his wife. And when he cried out to her, in the bitterness of his soul, what was her reply! She told him he had better "curse God and die!" And, sir, pretty much in keeping with this is the President's consolation to the people in their afflictions.

Sir, do you imagine the people expected to hear such lan. gnage as this from those to whose interests they have shown 80 much devotion? Did they expect their rulers to mock at their calamities, which they themselves have been instrumen tal in bringing upon them? No, sir; they looked to those whom they had placed in power to devise some means to relieve them from their calamities. The proclamation of the President was hailed with joy by thousands as a favorable omen. They huggel to their bosoms the delusive hope that their rulers had seen the folly of their course, and were about to retrace their steps. Sir, although the President was pled red to "tread generally in the footsteps of his illustrious predecessor," yet, I imagine, no one believed he designed to tread specially in his footsteps. And it was hoped that if he did tread in his footsteps at all he would take his "back track," (it I may be allowed to use a hun ter's phrase,) at least in relation to the currency and the revenue. But, in all this, how sadly are we disappointed! So far from this, we find him disposed to plunge still deeper into new and untried experaments! Sir, what do we behold! The whole country involved in one widespread ruin, and the Government itself bankrupt; and we are yet to have another "experiment!" Yes, sir, the State bank experiment has failed, and the golden bubble has exploded, and left a wreck of ruin in their train; and now, sir, in obedience to the mandate from the Heritage, we are to have the Government divorced from all existing banks, and wedded to a new and untried system of Sub-Treasuries, or, in plain language, a Treasury bank. Sir, we find that the ex-President is not content with having dictated to the people whom they should choose to be his succussor, but seems now determined to dictate to that successor. I had hoped, Mr Speaker, that, as the President had attained the summit of his wishes, he would kick from under him the ladder which he had ascended, and take the dictates of his own judgment as the man of his counsel; but, sir, mortifying as it may be, we find the Message the exact fac-simile of certain let. ters not long since addressed to the editor of the Globe, and pub. lished in that print.

Mr. Speaker, I shall not now undertake to discuss the SubTreasury system: but, sir, I will say, that unfortunate as has been the result of former experiments upon the currency, I am bound to believe that this new project must prove much more fatal, if adopted. It is not only calculated to heighten the pecuniary distress with which the country is now surrounded, by binging discredit and ruin upon all local banks, and all who are interested in them, or indebted to them, but will add tremendously to the patronage of the Executive, which I think is already much too great. My friend from South Carolina (Mr. Pickens) told us a few days since, in his answer to this argument, that he treated all such charges with "the most so vereign contempt " Sir, let me tell that honorable gentleman that it is easier to dispose of some matters by treating thein with contempt than in any other way. In whist, sir, does Exccutive patro age consist? ● I answer, in the power of appointment and removal from office, and the disbursement of public The President would have the right to appoint and moneys. every officer who would have have any thing to do with either the collection or disbursement of the public money, and consequently it would place directly under his control every dolar of the public revenue, and thereby unite the sword and the purse of this great nation in the hands of a single individual. Su, we have had a little experience upon this point, in the removal of the public deposites from the Bank of the United States; and with this accumulation of power the President might trample un lor foot the right of suffrage-the most sicrel ever garan tied to freemen-and designate his successor with impunity, if he chose to follow the precedent already established. Fir, the liberties of this country were too dearly bought to be commit ted to the keeping of any one man, no teater how pure and unsuspected he may be. "Gold is corrupting," and power is tempting. It can never be dae, sir, with my consent. And, besides, as I humbly conceive, the public money's would be much less secure. The public revenue is to be taken from the custo ly of all banks, and committed to the keeping of some ten or eleven thousand in livi luals, scattered throughout he l' s. And, sir, although w› have recently heard much said ebrit the unavailable funds of the Government, I venture to prodic, that if this new experim he slap el, we have not heal the last of it. We have halan ient th's description, in the onnual report of our Secretary of the Theory, for many y ars; and I fear, sir, that under this new organizuion of that Depart ment, it will not require a great while to all a much Peter em to the account, from the failu,es and delalcations of SabTreasurers.

Mr. Speaker, in order to reindy the evils which now afflict this country, I am for coinmencing the work where they o zi nated. Let us, air, in ali due charry, ingend of earging the whole of these misfortunes to the acest of the people, &* least charge one-half of them to the mal-a tal ratio of the Government; and, although it is not recommen lelay the Pr siden', let us cominence econo.nizing a Fitle on the part of the Government, and set a praiseworthy example before the people. have always heard it remarked that example was much more

forcible than precept. Let us, sic, instead of creating a national debt, in order to keep up an extravagant and prodigal systein of expenditures which has crept into the Government, commence the business of retrenchment and reform which was promised us a few years since, and adopt some measures of general and permanent relief to the community as well as to the Government; and then, sir, and not until then, may we hope to see better times, and cease to hear the complaints that are now coniunally salating our ears from the tens of thousands of honest, industrious citizens who have been thrown out of employment and reduced to beggary and ruin during this age of experiments.

Sir I deem it unnecessary to detain the House with any cal culations to show the State of the Treasury, in order to prove that the passage of this bil! is not required to supply a deficit in the Treasury, as contended for by the friends of the measure. It has already been shown to this House conclusively, to my mind at least, that, by withholding the fourth instalment of the surplus revenue from the States, and suspending certain appro priations for useless-nay, worse than useless, public works, exploring expeditions, &c. and thereby reducing the expendi tures for the present year some fifee a millions of dolars, there would be ample means in the Treasury to meet all demands against it, without resorting to the expedient of issuing Treasury notes on the credit of the nation. And, sir, if this be true, would it not be an unpardonable outrage to heap upon the people another national debt, right upon the heels of the one just discharged? Sir, we have had theoretical reform long enough; I think it is tine we should begin to carry it into practice. But, on the other hand, it is urged that, after withholding the fourth instalment of deposites from the States, and suspending the fifteen millions of appropriations, there will still be, in any event, a deficit in the Treasury, which renders it indispensable that this bill should pass And, sir, we are told that the Treasury is in actual want of those funds at this moment, and cannot perform its engagements for ten days without them. I can. not perceive, sir, how this can he; but if it be true, I, for one, say, so let it be. If the Government has actually brought itself to insolvency, and it be really necessary to borrow money to pay its expenses, let the truth come out, and let things be called by their right names. Sir, this bill is designed to pracuse a fraud upon the people, by borrowing money in such a form that they will not understand it, and thereby shield the Government from the odium of bringing itself from a surplus of fortyfive millions to bankruptcy in less than one year. If I were satisfied that there would really be a deficit in the Treasury, which would make it necessary to borrow money to enable the Government to perform its functions, I should certainly grant it; but, sir, I would prefer that it should be asked for in plain Eaglish in that form. I am oppose I to laying burdens upon the people in disguise. If they are to be taxed, let them understand it, and have an opportunity to provide for it.

But I an tol 1, sir, that we do not borrow money or create a debt by the passage of this bill; that we only anticipate funds that are now unavailable. And, sir, is it not possible that a large amount of these unavailable funds may for ever remain so? Is not the Government attempting to divorce itself from the deposite banks, and thereby to discredit and destroy them? And, should it so turn out, most unquestionably it will prove a debt to the nation. But, sir, in my opinion, this is all a fiction. I concur most heartily with the honorable gentleman from Massachusetts (Mr. Fletcher) in the opinion that there is not a dollar in the deposite banks, belonging to the General Government, that cannot be made available to the Treasury by another pro cess, just as conveniently as by the measure now under consideration. Has not the Treasury, for months past, been mak ing these funds available, by drawing drafts upon them, even when it was certain that they would be protested by the banks? And I won'd like to know the difference between a protested Treasury draft and a Treasury note bearing interest. The draft is good against the Treasury, with interest and charges of protest, and answers the holder every purpose that a note would. It enters immediately into circulation, and commands a premium on account of the exchange it affords. Anl, sir, while the Government has these unavailable funds in the banks, the Treasury may make them an inexhaustible source from which to create funds by means of drafts. The Treasury may draw upon the very same fund five hundred times, and the drafts may go the ro›inds, and come back upon the Treasury, and be paid out of the accruing receipts into the Treasury, and the food still remain. Thea. sir, where is the necessity of Treasury bills or notes? I can see none, and am therefore induced to be. lieve this measure is proposed with no other object than to esta blish the prececent, and thereby make it the prelude to the great unfinished measure of the late Administration-a Trea sury bank; an institution, in my humble opinion, more dangerous to th· liberties of the people than a combination of all the powers of Europe. But, sir, I will not at this time enter into a discussion of this great question. I will only pray God that I may never give my sanction to any measure calculated, in the remotest degree, to establish such an institution.

Mr. Speaker, 1 fully concur with the honorable gentleman from South Carolina (Mr. Rhett) in the opinion that the people expect, and have a right to demand at our hands, the adop

m of some measure which will supply the country with a national currency, which will answer as a medium of exchanze between the different sections of the Union; but I am unwilling that these exchequer bills shall constitute this national currency. I believe, sir, that it is as much the duty of the Government to foster and encourage commerce as agricul ture, or any other branch of industry; the prosperity of the one depends upon that of the other; and air, when we view society in all its ramnications, we find the interests of all classes so mimately connected, that whatever affects one must inevitably affect all. The farmer, the planter, the manufacturer, and the mechanic, are as much dependent upon the merchant as the merchant is upon them. And, although the merchants have been denounced with the bitterest epithets, and charged with being the authors of all the evils that now affect the countrya most base and disgraceful attempt to array one class of the community against another-there is not one sentence of truth in it. Sir, if you destroy the merchants, what will become of all the surplus produce of the country? Every cent's worth over and above what every ma can consume in his own family would prove a deal loss to him, and consequently every spring to industry and enterprise would be cut off and destroyed. And, sir, under such a state of things we must inevitably relapse back, in a short ime, to the most perfect savage barbarity. Indeed, sir, I look upon commerce as the main source and fountain from which all our prosperity and greatness flow. Where, sir, is an instance of a nation attaining to

H. of Reps.

any distinction or greatness, where commerce has not been encouraged? If there is one, it has escaped iny observation. Why, then, should we not afford the facilities necessary to sto tain this enterprising class of our citizens? It is a fact, universaily conceded by all who know any thing of commercial opera. tions, that the merchants do not bear the loss sustained for want of these facilities, and that it ultimately falls upon the laboring classes. It cannot be expected by any reasonable man that the inerchants can buy and sell goods for nothing. They are compelled to make a moderate profit, and, consequently, all expenses incurred by them for want of proper commercial facilities, they must of necessity charge upon the goods, and ultimately the consumer pays it. So we discover that it is the Laboring classes, the democracy of numbers," so muck talked off in this House, whose interest demands a sound and uniform currency throughout the United States.

The power of Congress to supply the country with some sort of national currency that is uniform throughout the Union, in order to assist the domestic exchanges of the country, I be lieve has been admitted, and even insisted upon, by every Administration, from the foundation of the Government down to the last. The first charge which General Jackson ever pro ferred against the United States Bank was, that it had failed to fulfil the expectations of the people and the object of its creation, viz. to furnish the country with a sound and uniform cur. rency; but in this I think he was mistaken. The present Chief Magistrate, however, "with the lights now before him," has determined that Congress has no such power. But, sir, I think he must have read through magic spectacles, and will have to read again. He surely will not be sustained by the representa tives of the people in a position so unprecedented and absurd. Admitting then, as it surely must be, that Congress not only has the power, but that it is our indispensable duty, to supply the country with a national currency and medium of exchange, the question naturally arises, how is this to be accomplishe Did any man ever seriously believe that the commerce and trade of this great nation could be carried on by an exclusive metallic currency? I answer, no; this question is too clear to admit of controversy. In the next place, sir, are the State banks able to furnish such a currency? Of this I shall leave every man to be his own judge; but, judging for myself, if there be any thing in past experience, I should say it is most clear and manifest they cannot, Then, sir, the great and important question comes up: What will accomplish this end? By one set of politicians, sir, a national bank is said to be the only institution capable of supplying this currency, and past expe rience is quoted as incontestable evidence in support of this position; while, on the other hand, it is most vehemently de nounced as both unconstitutional and dangerous to liberty. These, sir, are grave and weighty objections, if well founded; and if any o her means can be devised to accomplish this end, which will be free from constitutional objections and less datigerous to iberty, I will most gladly embrace it. And, sir, I concur with the honorable gentleman from South Carolina, (Mr. RHETT,) that, unless the country be supplied with such a currency by other means, it will not take the people long to remove all constitutional scruples out of the way of a national bank. As for myself, sir, I do not believe that either of the ob. jections to a national bank is well founded. I have never doubted the power of Congress to charter such an institution. But if I had, I should consider myself a most egregious bigot were I to set up my judgment against all the precedents on this point. Indeed, sir, I believe this is a question that cannot now be raised with any propriety. It has been twice deter. mined, after the most deliberate investigation by every depart ment of this Government, Legislative, Executive, and Judicial. And I am one of those, sir, who believe that the Constitution is as susceptible of being reduced to fixed and settled principles as any other law of the land. If it is for ever to remain an unsettled text, and is to be one-thing to-day, and another to-morrow, and another again the next day, just to suit the whim and caprice of the powers that be, I think we had better surrender the instrument. We had better have no Constitution, than to have it the mere creature of those in power, to administer as they may choose to understand it.

And as to the other objection, I think it is equally futile. Suppose we admit that the late Bank of the United States had been guilty of the greatest crime with which it was charged-that of intermeddling in elections, and using its means to acquire politi. cal power. Sir, does that furnish any argument why another should not be chartered, with such guards and restrictions thrown around it as to prevent a recurrence of those evils? Most certainly not. We might with as much propriety say that, because the late President of the United States interfered in the election of his successor, and brought the power and patronage of his office into conflict with the freedom of elec. tions, we ought therefore to abolish the Executive Department of this Government. Such an argument is absurd and preposterous.

And, sir, I avail myself of this occasion to express my firm belief that a national bank, based upon correct principles, is the only institution capable of giving the country such a cur rency as is essential to its prosperity. And I am sustained in this opinion by this remarkable fact, that, during the space of about forty years, while such an institution was in operation in this country, there was never, at any time, a material derange ment in the currency, or pecuniary distress; and that, during the two short periods, comprising only about eight years, in which the Government attempted to do without one, we had an entire suspension of specie payments by all the local banks, and the deepest distress and embarrassment in the pecuniary af fairs of the county. And, sir, although we have recently had it from high authority, and from different sources too, that a large majority of the people of the United States are opposed to such an institution, with due def rence, sir, I must take the liberty to dissent from that opinion. Upon the core of expediency, I am bound to believe there is an overwhelm ng måjority in its favor. And, sooner or later, humiliating as it may be, the Government must return to it; and I hope the day is not far distant.

The community, sir, and especially the commercial commu nity, who have been struggling against winds and tides, and Government experiments, to sustain their credit and reputation, have borne their misfortunes with much long suffering and forbearance. But, sir, the time may come when forbearance will cease to be a virtue.

I am fully aware, however, that a national bank cannot now be established. We have had incontestable evidence of that fact this morning And, sir, even if there were a probability

Resolution adopted declaring it inexpedient to charter a

national bank.

25th CONG... 1st SESS.

of its success, situated as I am, I would not presume to make the proposition. It is due to those who have more experience to Like the lead in a measure of so much importance. But, sir, I a ready to act my part, whenever the subject may be present. ed. In conclusion, Mr. Speaker, I will only say that, for myself, I am perfectly satiated with new and untried experiments, and 1 hope and believe the country is so.

SPEECH OF MR. NAYLOR,

OF PENNSYLVANIA,

In the House of Representatives, Friday, October 13, 1837-In Committee of the Whole on the bill "imposing additional duties, as depositories in certain cases, on public officers." Mr. NAYLOR, of Pennsylvania, said it was with great reluc tance that he rose, for the first time, in this hail. He felt himself obliged to rise. Yes, (said Mr. N.) I am impelled to speak. I cannot remain silent. I voted for the introduction of this bill to our deliberations some days since, on purpose to afford the honorable gentleman from South Carolina (Mr. Pickens) an opportunity to express his views in relation to it. I perceived his anxiety to speak, and felt a friendly disposition to gratify him. If I were surprised when I heard him draw into the vortex of discussion the excitive topics of abolition, Texas, slavery, and Loco Focoism, topics which have nothing to do with this subject, what must have been my feelings when I heard him denounce the institutions of the North as mercenary and slavish, and exalt those of the South as ancient, patriarchal, and almost perfect; boldly avow that the laborers of the North were the subjects of the Northern capitalists; put the Northern workmen on a footing with the Southern slaves, and threaten to preach insurrection to the laborers of the North Yes, preach insurrection to the Northern laborers!

And

I am a Northern laborer. Ay, sir, it has been my lot to have inherited, as my only patronage, at the early age of nine years, nothing but naked orphanage and utter destitution; houscless and homeless, fatherless and pennyless, I was obliged, from that lay forward, to earn my daily bread by my daily labor. now, sir-now, sir, when I take my seat in this hall as a free representative of a free people, am I to be sneered at as a Northern laborer, and degraded into a comparison with the poor, op. pressed, and suffering negro slave? Is such the genius and spi rit of our institutions? It it be, then did our fathers fight, and bleed, and struggle, and die in vain!

But, sit, the gentleman has misconceived the spirit and ten dency of Northern institutions. He is ignorant of Northern character. He has forgotten the history of his country. Preach insurrection to the Northern laborers! Preach insurrection to me! Who are the Northern laborers! The history of your country is their history. The renown of your country is their renown. Tac brightness of their doings is emblazoned on its every page. Blot from your annals the deeds and the doings of Northern laborers, and the history of your country presents but a universal blank.

Sir, who was he that disarmed the thunderer, wrested from his grasp the bolts of Jove, calmed the troubled ocean, became the central sun of the philosophical system of his age, shedding, his brightness and effulgence on the whole civilized worldwhom the great and tnighty of the earth delighted to honor; who participated in the achievement of your independence; promi nently assisted in moulding your free institutions, and the bene. ficial effects of whose wisdoin will be felt to the last moment of "recorded time?" Who, sir, I ask, was he? A Northern laborer; a Yankee tallow chandler's son; a printer's runaway boy!

And who, let me ask the honorable gentleman, who was he thai, in the laye of our Revolucion, led forth a Northern army, yes, an an army of Northern laborers, and aide the chivalry of South Carolina in their defence against British aggression, drove the spoilers from their firesides, and redeemed her fair fields from foreign invaders-who was he? A Northern laborer, a Rhode Island blacksmith-the gallant General Greene; who Lft his hammer and his forge, and went forth conquering and to conquer, in the batties for our independence! And will you preach insurrection to men like these!

Sir, our country is full of the glorious achievements of Northern laborers. Where are Concord, and Lexington, and Princeton, and Trenton, and Saratoga, and Bunker Hill, but in the North? And what, sir, has shed an imperishable renown on a never-dying names of those hallowed spots, but the blood and the struggles, the high daring and patriotism and sublime Courage of Northern laborers? The whole North is an everlasing monument of the freedom, virue, intelligence, and indomitable independence of Northern laborers? Go, ir, go preach insurrection to men like these!

The fortitude of the men of the North, under intense suffering for liberty's sake, has been almost godlike! History has so recorded it. Who comprised that gallant atiny, that, without food, without pay, shelterless, shoeless, pennyless, and almost naked, in that dreadfu! winter, the midnight of our Revolution; whose wanderings could be traced by their blood-tracks on the snow!-whom no arts could seduce, no appeal lead astray, no suffering disaffect; but who, true to their country and is holy cause, continued to fight the good fight of liberty until it finally triumphed; who, sir, were these men? Why, Northern laborers; yes, sir, Northern laborers?

Who, sir, were Roger Sherman, and-but it is idle to enumerate. To name the Northern laborers who have distinguished themselves and illustrated the history of their country, would require days of the time of this House. Nor is it neces ary. Posterity will do them justice. Their deeds have been recorded in characters of fire!

And such are the working-men of the North at this time. They have not degenerated; they are in all espec's worthy of their intelligent and sturdy sires. Whose blood was so pro. fusely shed, during the last war, on the Canada lines, but that of the Northern laborers. Who achieved the glorious victories of Perry and McDonough on the lakes, but the Northern laborers? Yes, they "met the enemy, and made them theirs." Who, sir, have made our ships the models for all Europe, and sent forth in the late war those galiant vessels that gave our little navy the first place in the marine annals of the world, and covered our arms on the ocean in a blaze of glory, but the skill and intellect and patriotism of the Northern laborers! And who, sir, manned these vessels and went forth, and. for the first time, humbled the British Lion on the OC-1. but the Northern jaborers? And who, sir, was he. that noble tar, who, wounded and bleeding and mangled, and to all appearance lifeless, on the

deck of one of our ships, on hearing that the flag of the enemy had struck, and that victory had perched on the proud banner of his country, raised up his feeble, angled form, opened his languid eyes once more to the light of heaven, waved his palsied hand round his head in token of his joy, and fell back and died? Who, sir, was he? Why, a Northern laborer-a Northern laborer! And yet these men are the slaves of th. North, to whom the honorible gentleman is about to preach insur rection!

[Mr. PICKENS explained, and said, in substance, that he had spoken only of the tendency of Northern institutions to make the working men of the North tributary to the capitalist, and to prevent them from rising from their laborious situation. That he had not degraded them into a comparison with the slaves, but had said that if the people of the North would continue to interfere with the slaves of the South, then he (Mr. PICKENS) would preach insurrection to the Northern laborers.] Mr. NAYLOR resumed, and said, I have not misunderstood the honorable gentleman. That the honorable gentleman does treat the Northern workmen as Southern slaves is evident from what he had just said. If he had not intended to place them in the same degraded situation of slaves, how could he threaten to preach insurrection among them sir, the honorable gentleman has mistaken the tendency of Northern institutions, as much as he has misconceived the worth and spirit of Northern character. Our institutions have no such tendency; no, sir, but exactly the reverse. They raise up the laborer. They place every man upon an equality They give to all equal, rights and equal chances, and hold out to all equal inducements to action. Northern institutions tend to keep down the Northern laborers! The whole history of the North, from the landing of the first pilgrim on the rock of Plymouth to this hour, contradicts this position.

I appeal to the representatives from Penreylvania. I ask you, sirs, who is Joseph Ritner, that distinguished man, who at this very moment fills the executive chair of your great State. a man who, in all that constitutes high moral and intellectual worth, has iew superiors in this country-one wo has all the qualities of head and heart necessary to accomplish the great statesman, and who possesses, in the most enlarged degree, all the eleinents of human greatness-who, sirs, is he? A Northern laborer-a Pennsylvania wagoner-who for years drove his team from Pittsburg to Philadelphia, " over gie mountains and over the moor," not "whistling as he went"no, sir, but preparing himself then, by deep cogitation and earnest application, for the high destiny which the future had in store for ium. Ard who, let me ask the same gentlemen, who is James Told, the present Attorney General of Pennsylvania, distinguished for the extent of his legal acquirements, for the comprehensive energy of his mind, for his strength of argument and vigorous elocution; when, sir, is he lle, too, is a Northern laborer, a Pennsylvania wood-chopper-in early chihood a destitute, desolate orphan bound out by the overseers of the poor as an apprentice to a laborer! These, sir, are some of the fruits of Northern institutions; some of the slaves to whom the honorable gentleman will have to preach insurrection!

But if the Northern institutions be hostile to equality, and have the effect that the honorable gentleman contends for, to keep down the workmen, and make them tributary to the capitalists, how comes it, how comes it, that I am now, at an early age, a Representative in this Hall? Sir, the gentleman is utter ly, utterly deceived as to the effect of our institutions, and the character of public sentiment in the North.

Fellow-freemen of my own, my native district; bankers, capitalists, and merchants, (so much denounced,) manufacturers, mechanics, and laboreas, I appeal to you all: Did it ever occur to any one of you when I was a candidate for the high office to which your free suffrages have elevated me-did it, I say, ever occur to any one of you to object to ne because poverty, orphanage, and destitution had once made me a labo rer for my daily bread? No, sirs, no; I will do you the justice to answer for you, no! Your inquiry was not "is he rich or poor, a laborer, a capitalist, a banker, or a merchant? but is he a man?-has he ability enough moderately to sustain our interest in the great councils of the nation, and nerve and moral courage enough fearlessly to defy the assaults of power, and to vindicate the outraged principles of our Constitution?" And here, sir, I now am; and what is there to prevent me from taking ny stand by the side of the proudest man in this Hall?

Mr. Chairman, it is not the first time that I have heard a parallel run between the slaves of the South and the workingmen of the North. For a while, sir, tha: parallel was inade as to the relative condition of the free negroes of the North and the slaves of the South. Recently, however, some of those who advocate the surpassing excellence of the slave institutions of the South have taken a bolder and more daring stand. Racking their brains for arguments and illustrations to justify slavery as it prevails among them, they have hazarded the bold proposition that slavery exists in every country; and that in the North, the operatives, though nominally free, are, in fact, the slaves of the capitalists. Such a proposition is monstrous. I tell you, sir, gentlemen deceive themselves. They slander the free institutions of their country. They wrong the most intelligent and enterprising class of men on earth. know them well; I have been long associated with them. I have seen them form themselves into libraries and other associations for intellectual improvement I have seen them avail themselves of every leisure moment for mental culture. I have seen them learned in the languages, skilled in the sciences, and informed in all that is necessary to give elevation to the cha racter of man, and to fit him for the high destinies to which he was designed. Let the honorable gentleman go among them, and he will find them in all respects equal to those who make it their boast that they own all the laborers in the South. Yes, sir, as well qualified to become honorable rulers of a free people, having heads fitted for the highest councils, and fearless hearts and sinewy arms for the enemies of this great

nation.

Mr. Chairman, I call upon gentlemen of the North to bear winess to the truth of what I have said: I call upon them to look back upon the days of their childhood, and say whom they have seen attain honor, distinction, wealth and affluence? Are they not the working, the industrious parts of society? And do not the institutions of the North necessarily lead to such results? Sir, when I pause for a moment, and behold what are now the little destitute playmates of my childhood, I am overwhelmed with astonishment. Some of them have gone forth from their homes, become draughters and signers of declarations of inde pendence, founders of new empires, breakers of the chains of despotism, and the earth, even in their youth, has drunk up their blood, shed willingly in the cause of the rights of man.

H. of Reps.

Some have ministered to the altar of their Divine Master. Some have led the bar, adorned the Senate, illustrated the judiciary; and others have wan lered ia the flowery fields of literature, trod in the cool tranquillizing paths of philosophy, delved in the depths of science, and compassed the world with their enterprive. In a word, civilization has no pursuit that they have not already honored and adorned. And yet these men are some of the fruits of those odious institutions against which the eloquent gentleman has attempted his crusade.

Sir, it is the glory of the Northern institutions that they give to every man, poor and rich, high and low, the same fair play. They place the honors, emoluments, and distinctions of the country before him, and say, "go run your race for the prize; the reward shall encircle the brow of the most worthy." Thus it is that every one feels and knows that he has a clear field before him, and that with industry, prudence, and perseverance, he can command success in any honorable undertaking. He knows that his industry is his cirn; his efforts are his own; and that every blow he strikes, whilst it redounds to his own immediate advantage, contributes also to the good of the community, and the glory and renown of his country. All honorable employments are open to him. The halls of legislation are open to him; the bar is open to him; the fields of science are before him; there is no barrier between him and the object of his ambition, but such as industry and perseverance may overcone.

Look at the workings of their institutions upon the appearance of the North. Look at her mighty cities, her forests of masts, her smiling villages, her fertile fields, her productive mines, her numerous charities, her ten thousand improvepients. Behold my own, my native State. Pennsylvania is intellectualized under their auspices. Her soils and hills, and valleys, and rocks, and everlasting mountains, live and breathe under the animating influence of her intelligent and hardworking population; every stream feeds its canal, every sec tion of country has its railroad, distance is annihilated, the fliaty ribs of her rocky mountains are riven asunder, the bowels of the earth yield forth their treasures, and the face of the earth blooms and blossoms, and fructifies like a paradise. And at this, all this is the result of the intelligence, industry, and enterprise of Northern laborers, fostered by the genial influence of their institutions.

Nor are their efforts contined to this own country alone. Their in lustry and enterprise compass the whole earth. There is not a wave under Heaven that their keels have not parted; not a breeze ever stirred to which they have not unfurled the starry banner of the country. Go to the frozen ocean of the North, and you will find them there; to the ocean in the extreme South, and you will find them there. Nature has no difficulty that they have not overcome-the world no limit that they have not attained.

In every department of mind do the institutions of the Nort's exert a wholesome, a developing influence. Sir, it was but a few days since you saw the members of this House gathered around the electro-magnetic machine of Mr. Davenport. There they stood mute and motionless; beholding, for the first time, the secret, sublime, and mysterious principles of Nature applied to mechanics; and there was the machine, visible to all eyes, moving with the rapidity of lightning, without any apparent cause. But the genius that made the application of this sublime and mysterious influence, who is he but a laboring, hard-working blacksmith of the North?

Sir, where do learning, literature and science flourish, but in the North? Where does the press teem with the products of mind, but in the North? Where are the scientific institutions, the immense libraries, rivalling almost at this early day Eu. rope's vast accumulations, but in the North? And who, sir, gives form and grace, and life and proportion, to the shapeless marble, but the sculptor of the North? Yes, sir, and there, too, does the genius of the pencil contribute her glowing creations to the stock of Northern renown. To Northern handiwork are you indebted for the magnificence of this mighty Capitol. And those noble historical pieces now filling the panels of the Rotundo, which display the beginning, progress, and consummation of your Revolution, and give to all posterity the living forms and breathing countenances of the fathers of your Republic-they, too, are the works of a Northern artist! But before I conclude this branch of my subject, let me make one observation that I had almost forgotten. The gentleman seems to think that our workmen must of necessity be the pas sive instruments of our capitalists. His idea of the power and Influence of wealth, controlling the very destinies of the man who labors, must be derived from the institutions of his own generous South; where he frankly, avows that the capitalist does absolutely own the laborers. His views are, however, utterly inapplicable to the North. Who are the Northern capitalists of to-day, but the pennyless apprentices of yesterday? Sir, in the North there is scarcely a class of men existing exclusively as capitalists. The character of capitalist and laborer is there united in the same person. In ninety-nine cases out of a hundred, he who is a capitalist has become so by his own industry and perseverence. He begins as an humble "laborer-his industry, virtue, and integrity his only capital. He gradually accumulates. Every day of toil increases his means. His means are then united to his labor, and he receives the just and honest profits of them both. Thus he goes on joining his accumulations with his labor, receiving the profits of his capital and his toil, scattering the fruits of his efforts abroad for the benefit of society, living in manly independence, and lying up a stock of comfort and enjoyment for his declining years. Such was the rich Girard, the "merchant and mariner," as he styles himself in his list will. He began his career a destute cabin boy. And such are the capitalists all over the North. They were all laborers some few years since; and the Lumble operative of to-day must and will be the wealthy capitalist in some few years to come; and so far are the institutions of the North from retarding his advance, that they encourage him, aid him, cheer, cherish and sustain him io hie onward career. But, sir, there is no limit to this subject. I will pursue it no farther. I might easily exhaust myself, but the subject is inexhaustible. What I have said has been said to vindicate the character of my constituents from unjust attacks, and to relieve the institutions of the North from the burden of denunciation which has been so profusely heaped upon them. I have uttered nothing in a spirit of disparagement to the South No, Heaven forbid! I am incapable of it. The whole country 18 my country. To me there is neither North nor South, nor East nor West. I am an humble representative of it all. Our fathers fought and bled and died for it all. And how can we, their sons, if we respect their principles and cherish and venerate their memories, how can we quarrel about local difficulties, and foster sectional jealousies? I stand here the representative of the

25th CONG.....1st SESS.

whole country. Not an inch of any part of that country shall be disparaged with my consent. Whatever concerns its honor and renown deeply and dearly concerns me. I will scrupulously respect the rights and feelings of every section of the coun try, and do all in my power to advance, nothing to retard its peculiar interests, except where they may come into conflict with some great fundamental principle which must not be sacrificed. I will exert my influence to heal sectional differences, extirpate petty jealousies, foster a becoming spirit of concilia. tion, promote universal harmony among the different portions of the Union, and make the Union itself as everlasting as the soil which it embraces. With these feelings and with this determination, I have come into this House. But, sir, I never can and never will remain silent when the rights, or interests, or character, or institutions of my own immediate constituents are attacked. No, sir, let that attack come from what quarter it may, I will be ever prompt to offer my feeble resistance, and interpose my voice in their just vindication!

I now beg leave, Mr. Chairman, to make a few remarks more immediately connected with the bill under consideration. By the madness and folly of her rulers, our country has been pre. cipitated to a crisis. We have been convened here to meet that crisis. That is, the people and this House have been so informed. But have we met it? Are we meeting it? No, sir; we have been called here to do what this House has been doing for the last six years to echo the will and further the wishes of the Executive; to carry out the recommendations of the President's Message; to cease to be the free representatives of the people, and to become the pliant instruments of power. Nothing is to be introduced to our deliberations but what the President has recommended. Petitions are presented, and they are trampled under foot; plans of relief are suggested, and they are laid upon the table. The people demand from you, through their representatives, a fair and impartial hearing, aid you meet them with that gag of despotism, the previous question. And when we ask why is all this, we are impudently told that we must attend to the relief of the Government; that we have nothing to do with the people; that the President has submitted his plans, and that, right or wrong, we must sustain them; that he has chalked out to us the line of our legislative duties, and that we must follow that line, toe the mark—yes, toe the mark, is their phrase-and then go home and tell our constituents that we have slavishly done our master's bidding.

Sir, it is by conduct like this that our country has been precipitated from the height of prosperity into the very depths of distress. This House is responsible for much of the evil under which the people are now groaning. Their Representatives in Congress have been faithless to them. They have surrendered up their independence and become the mere echo of the President's will. Instead of freely deliberating and choosing what was best for the people and the country, they have been watch. ing the ever-changing countena ce of the Executive, and as ertalaing what were his wishes and determinations; and thus have they been slavishly echoing and re-echoing that will until the great fundamental interests of the country have been entirely sacrificed. The people have been lost sight of; those who were their servants have become their masters. I ask every candid man whether the legislation of Congress has not, for many years, conformed in every important particular to the commands of the Executive? Whether the reclamations of the Administration have not been the law of the land? Let us revert to the history of the past, and see what are the lessons that it teaches.

Large majorities of both Houses of Congress passed an act for the recharter of the Bank of the United States. The Democratic Legislature of my own State, Pennsylvania, unanimously recommended it. It was vetoed by the President. And what did Congress do? Why, sir, change their opinion-echoed that veto! Yes, we saw the very man who draughted and advocated the bill for rechartering the bank, (Mr. Dallas,) presid ing at a town meeting a few weeks afterwards, and there op posing the very measure of which he was the author and fa ther; ay, turning at the beck of the President, like Saturn of old, to destroy his own offspring. This, perhaps, may have been all very well; but is it not a remarkable proof that members of Congress found it inconvenient to have opinions which did not exactly conform to those of the Executive?

But, again: Congress investigated the situation of the Bank of the United States, for the purpose of ascertaining whether it still continued to be a safe depository of the public moneys. They found its situation to be sound and wholesome, and declared, by a large majority, that the deposites should be continued in it according to law. The President, however, a short time afterwards, determined otherwise; ordered the Secretary of the Treasury to lay violent hands upon the treasures of the nation; to take them from the place where Congress and the law declared they should be, and scatter them abroad over the land, by depositing them with the pet banks, there to be used for the purpose of swelling the deluge of paper money, and of feeding and pampering and bloating the demoralizing spirit of speculation.

In sixty days afterwards Congress met. Well, and what did members of Congress do 1 Did they adhere to their former resolution? No, sir, they again surrendered up their indepen. dence, again changed their opinion, and again echoed the will of the Executive.

Then it was that the President formed his league of pet banks. He conceived and planned and put in operation a project which, according to his promise, was to banish bank rags from the community, give us the best of currencies, and fill up the channels of circulation with gold. This was the sole work of the Executive and his agents. Congress had nothing to do with it. He submitted his plan, however, to Congress, in the form of a law, for their approval. They hesitated for a while, and grumbled a little; but not daring to disobey, they at length a rain complied with his requisitions, went through all the unmeining forms and idle ceremonies necessary to give it a legal shape, forgot the People and the country, and again echoed the wll of the Executive!

But, sir, it is in vain to give further examples of the entire de bendence of this House on the Executive. The President has been passing our laws! Congress, in truth and in fact, has had nothing to do with them! His will has been supreme. This House, instead of being the free representative body of the People, has been the representative of the President!

But the bubble has at length burst. The glided project of which so much was promised and so much expected by an in jured and confiding people, is at an end. While the people stood anxiously awaiting the realization of its promised advantages, is suddenly exploded, and involved them and their busi ness, the country, its exchanges, currency and prosperity in a

Making public officers depositories-Mr. Naylor.

scene of confusion and distress unparalleled in the annals of our civil history." The Government from a hollow and bloated appearance of sanity, became suddenly bankrupt. The people were overwhelmed with distress, and from every quar ter of the country asked relief from the evils that had come up. on them.

Meeting, then, under these circumstances, I ask, had we not a right to expect that Congress once more would resume its independence, and attend faithfully and fearlessly to the business of their constituents, and that the Aministration would now abandon its projects, and give over its attempts to sway and subjugate and enslave the representatives of the country? But have our expectations been realized? What have we been about? What have we done? Let us see whether we have not again been subserviently echoing the will of the Executive, Our first act was to pass a bill for the postponement of the payment of the fourth instalment to the States, to withhold from them the sum of upwards of nine millions of dollars, which, by the act of 31 June, 1835, we had contracted to put in their pos session. By that law it is provided "that all the money in the Treasury of the United States on the first of January, 1837, reserving the sum of five millions of dollars, should be deposited with the States in proportion to their respective representation in the Senate and House of Representatives of the United States." Under this law, it became the duty of the Secretary of the Trea sury on the first of January, 1837, to reserve five millions out of it for the use of the Government, and appropriate the balance, whatever it might be, to the States as already mentioned. The Secretary of the Treasury performed this duty, and found that there were upwards of forty-two millions of dollars in the Treasury. He reserved the five millions, and then announced to the different States of the Union that there was in the Treasury, specifically set apart for them, the sum of thirty-seven millions of dollars, to be paid to them in four instalments. The States agreed to receive the money. Three instalments of the money they did receive. The fourth and last instalment, of between nine and ten millions of dollars, was to have been paid to them on the first of this month. This is a plain, unvarnished statement of the case. Thus we see, that on the first day of January last, there was in the Treasury thirty-seven millions of money, specifically set apart by the law for the States. There it was. The Secretary of the Treasury counted it, and declared it to be there. Now, why bas not this money been all paid to the States? Was it because this House passed a bill for the postponement of the last payment? No, sir, but because this Administration had previously used this money for their own purposes. They, Martin Van Buren and his Administration, betrayed the trust reposed in them, squan dered this money, and, when the representatives of the people assemble here in special session, we are informed by the Presi dent and his Secretary of the Treasury that the money that was in the Treasury for the States is gone, has evaporated, and that we will have to postpone the payment of one-tourth of it. Thus we see that the money was used by the Administration. The President and his policy have postponed the payment of the fourth instalment. Congress has had nothing to do with it. Tho money was there for the States on the 1st of January last. When we met here in eight months afterwards, it was not there. Suppose the bill for postponing its payment had not been passed, could the States have got the money? No. Why? Because the Administration had previously used the money that was specifically set apart for them. Thus you perceive that the Executive postponed the payment of it; and, after doing this, he very modestly calls upon Congress to pass a law to do what he had previously done! Well, and what did Congress do? Why, again they echo the will of the President, pass a law postponing what had already been postponed, and declaring a solemn falsehood to the whole country-that we, yes, that we had withheld from the people of the States nine millions and a half of money, when it had been done months before by the Execu tive rulers of our country!

This is the first exhibition of the independence of this body! If we continue thus to comply with the behests of power, and to delude and betray the people, I ask, in the name of Heaven, what is to become of our country and its free institutions? After the recess,

[Here the House took its usual recess. Mr Naylor resumed.]

Mr. Chairman, the embarrassment incidènt to my novel situation, and the excitement which hurried me on to vindicate Northern people, sustain Northern institutions, and to show their effect upon the community, caused me to forget this morning some of the topics that I had intended to introduce, and to enlarge on others that I expected only to have glanced at It is too late, however, to take them up now. I will go on, therefore, where I left off.

The second great measure which the Administration commanded you to pass, and which you did pass, was the bill for the manufacture of ten millions of Treasury notes. Yes, ten millions of paper money-ten millions, not of bank rags, but Government rags-ten millions of old continental paper-ten millions of shin-plasters! And is it possible that these are the fruits of those long years of exciting, convulsing, distracting experiments, which our rulers promised us should produce such a safe and convenient currency, and flood the whole land with gold? Ay, gold, gold, was the cry; and now we have gold with a vengeance! The banner of our rulers has had for its motto, not our country, nor liberty, nor patriotism, nor union, nor any other ennobling or inspiring sentiment; no, sir, but that miserable and mercenary promise "for gold, gold, gold." For years have our people been mocked and deluded with the empty promise of gold. And now, at the very moment when they reach forth their expecting hands to possess it, like the gold which is said to reward a bargain with the Prince of Darkness, it turns in their grasp into dust and ashes! The Government has been raking it together from all quarters of the earth. They have wrung it with an iron and unrelenting grasp from the possession of the people. They have forced it out of circulation. It is money no longer. It is now merchandise. It is bought and sold, as you would buy your bread or any other necessary or convenience of life. The penple are forced to buy it in order to pay their debts to the Government. And what does the Government do with it? pay it back to the people? No, sir, no, but magnanimously gives it to the office-holders! The office-holders then sell it to the people at a profit of from seven to twelve per cent. The people again pay it to the Government, from which, as before, it immediately passes to the office-holders, who again sell it to the people at a large profit. Thus it moves round and round in one continued and contracted circle, cursing the people, and taking at every turn from their hard earnings the amount of premium paid for

H. of Reps.

it, and enriching the pampered office-holder just in proportion as it robs them. In the mean time, the office-holders have got the Government exclusively to themselves. They have all the gold to themselves. They tell us that the Government and the people must be separate and distinct, that it was never intended that the Government should sympathise with their sufferings, or extend relief to their distresses. And how, sir, does this golden Government, with its immense professions, pay its own debts? What do they give to the hard toiling mechanic-the aged, feeble, tottering, war-worn soldier of the Revolution? And what has the country for a currency? Why, rags, rags, not "bank rags" alone, no, (for they grow more scarce every day) but all kinds of rags-a complete piece of patch-work-an undistinguished gathering together of rottenness and confusion. And, to crown the whole, the President and his gilded partisans have passed the bill for the manufacture of ten millions more of rags, with which still further to curse the country-the bill creating ten millions of paper money for the people!

In the name of Heaven, I ask, when will this evil end? When will members of Congress be members of Congress, break the shackles that bind them to the blind and dark and ferocious spirit of power, and stand forth the free representatives of the country?

Mr. Chairman, what an awful reckoning must the people have with those in powet? Sir, the account must be made up sooner or later, between them and those rulers who have been promising only to deceive them-sporting with their hopestrampling down their interests-marring their enterprises, and bruising their tenderest sympathies. The day of reckoning must come, will come! As certainly as truth must prevail over error, as certainly as rights must be vindicated and injuries redressed, so certainly will the people have justice; ay, and vengeance too, for the many wrongs with which a long course of misrule has visited them. We have already heard the rumbling at a distance. The volcano will burst forth. I warn gentlemen-I warn the Administration, to "flee from the wrath to come!"

But, sir, I have again been hurried beyond my subject. I intended to bave alluded to the Treasury note bill only to show that this measure, like all others, had been passed in conformity with the President's will.

The opposition in this House did all that reasonable men could do to prevent its passage. One submitted a plan for the collection of the debts owing by the deposite banks, and showing conclusively tha', by this means, the Government could get their money from the banks, and be saved the morti. fying expedient of issuing ten millions of rag money.

But no, Another

it would not do. His proposition was not listened to. gentleman submitted a plan for the sale of the, bonds, which were given by the Bank of the United States, and not yet due to the Government; proving satisfactorily that this would en tirely disconnect the Government from the bank, and raise money amply sufficient to dispense with the issuing of the Treasury notes. No, they would have Treasury notes. The President had recommended them, and of course his recommendation must become a law. So accustomed are the President and heads of Departments to consider their recommendations as having the force of law, and so certain was the Secretary of the Treasury that the Trea sury notes would be issued, that a month before the bill was passed for that purpose, we find him writing circulars to many of the banks, and a great number of the large capitalists in the country, huckstering these very notes about for sale! What a humiliating commentary upon the independence of the people's representatives in Congress!

But, sir, the Secretary of the Treasury knew that this House would not disregard the will of the Executive. You did again echo that will. The law is passed. The Administration designed to establish a great Treasury bark. The design is as evident as the sun in a cloudless heaven at noonday. They knew that they could deceive the people no longer with the golden humbug. They have now established their bank. You have ordered the issue of ten millions of its notes to begin with. These are all, and the only gold which the sufering people of this country will ever get from this false and deceitful Adminis tration! These, sir, are solemn truths, and why should I fear to utter them?

What next? The next great measure that we have recommended to us is the last great experiment of those in power, the "Sub-Treasury system." This project has not yet receiv. ed the sanction of this House, and I pray Heaven that it never may. It is now before us for consideration. I purpose, in conclusion, to make a few hasty remarks upon it. I am opposed to this measure. Although not yet approved by Congress, it is now in operation. We see its workings. We have eaten of its fruits; and, for myself, they are distasteful to me. leathe them. I am for cutting down the tree that produced them.

I

Sir, this scheme proposes to place in the hands of individuals who are dependent alone on the will of the President for their continuance in office, all, yes, all the countless millions of the money of this Government, for disbursement and safe-keeping. These men are to receive it, hold it, use it, when and as they please, with no earthly barrier between it and the temptation to approprlate it to their own uses, which the personal custody of such immense treasures must offer, than the feeble restraints of poor, weak, fallible buman nature, and the fear of the consequences which might result from an ultimate detection.

How many receivers and holders of the public money, or in other words, how many "Sub-Treasurers" there will be scatter. ed throughout the whole extent of this wide-spread country, no man can at present determine. In France, where a similar system prevails, there are one hundred thousand! Here, I have no doubt, in a short time, the number would even exceed that. These men are to hold and absolutely possess the whole treasures of the nation. Some of them, particularly in our large cities, will have millions of dollars in their hands at a time. One uninterrupted gold current will be continually pouring in upon them. What a temptation (even aside from party political influences,) is thus offered to use a portion of this money occasionally or continually, as need or circumstances may require. Sir, the temptation will be irresistible. Surrounded by needy or pressing friends in distress, whose famil es and fortunes they may think will be comforted or repaired by a timely loan; in the very midst of the exciting whirl of speculation, with fortune's dazzling visions urging them on to use the treasures confided to their keeping, and embark in schemes promising to result in the enjoyment of immense possessions, and with the full certainty that a temporary use of even large amounts cannot be discovered; taking into consideration, with