LARCH 1, 1832.] Bank of the United States. [H. OF R. ur all and every thing--all which the selfish desire, or ject of deep interest to the country, when the gentleman's atriots hope for and reverence, be at the disposal of opinion is already settled, and cannot be changed by any ersons who have no common interest with us, and who investigation? would move and regulate the whole to subserve the inteest and prosperity of another country? Should we, without the most patient and minute inquiries, raise up n the heart of our country an engine of such enormous power, which, in peace, would impoverish and wither our ndustry, and, in war, palsy every effort of the Governnent, and force us to a fatal and disgraceful pacification? trust not, and hope that the resolution will pass. The gentleman from South Carolina, [Mr. MITCHELL,] who has just taken his seat, has told us that the application on the part of the bank, at this time, is premature and unnecessary. The gentleman must be fully aware, from his own experience on this floor, of the slow process, the tediousness of legislating upon all important subjects which are ardently and strongly opposed. Every species of congressional tactics we find resorted to by the Mr. DENNY, of Pennsylvania, said that he would have opponents of a measure for the purpose of defeating it, iven a silent vote against this proposition on the day it or retarding the action of the House upon it, and thus by was first submitted to the House by the gentleman from delay, by exhausting the time of the House, effect their Georgia, [Mr. CLAYTON,] nor would he now have risen to object. The bank has acted correctly. The President respass upon the time and the patience of the House, had has repeatedly mentioned the subject in his messages to e not felt called upon to repel, as to himself, the charge Congress; public attention anxiously directed to it from rought against the opponents of this resolution, of a dis- all quarters, the directors of the bank would have greatly osition to smother inquiry. To screen the bank from erred had they not, under these circumstances, presented nvestigation is not the foundation of my opposition to this the subject for the early consideration of Congress. Sir, esolution; if it should be ordered, I have no doubt the it was due to the country, it was due to the borrowers bank will come out triumphantly, and will prove to the from the bank, it was due to the Government itself, and world that its affairs have been honestly conducted, admin- to Congress, not to delay the application. The time which stered with purity of intention, advantageously to the Go- the charter has to run is not so material to us; it is the opvernment, and beneficially, in the highest degree, to the portunity for action which is important to this House. ›eople and the nation at large. Should we then complain that the bank has submitted the subject to us at this session for our consideration? The responsibility of delay rests now with us, not with the bank. I believe the measure proposed for the adoption of this House is unnecessary, inexpedient, and, if adopted at this ime, will prove extremely prejudicial to the best inteests of the country, which are deeply involved in the question of rechartering the bank. The gentlemen opposed to rechartering the bank seem to me to have viewed this question as one involving merely the interests of stockholders. Sir, I consider their interests as altogether secondary; nor would I advocate them, did they conflict with the interests of the country; I would give to them, and act towards them, with the same justice that I would show to any other class of our citizens. Sir, I take a broader, a higher view of this subject, and stand here to advocate the paramount interests of the country, which are, I believe, vitally connected with the decision of this important question. Who calls for this investigation? Have the people denanded it? Have the people presented their memorials, s they do upon all matters touching their immediate inteests, alleging heavy charges against this institution, and equiring at this House an investigation? Where are their oud complaints? Have they been heard here? No, sir; re hear nothing but the whispers of dark suspicion, emaating from quarters inimical to the bank. Charges based pon suspicion are then introduced here, by an honorable How did this bank come into existence? To what does ember in his place--charges, old, unfounded in fact, it owe its origin? Was it upon the application of wealthy ttered elsewhere, and ably refuted, are echoed here, and capitalists, of stockjobbers, and speculators? No, sir. It gentleman gravely demands a committee of investiga- was called into existence by this Government. The exion, regardless of its effects at this time upon the interests gencies of the country demanded it. The Government f the country, and upon the action of this House at this was much embarrassed in its financial affairs, and experi ession upon the bill reported by the Committee of Ways enced great inconvenience and difficulty in the collection nd Means, for rechartering the bank. I shall not attempt of its revenue from the interior and remote parts of our > examine this catalogue of charges in the indictment, as country. The necessity of a bank became apparent; and he gentleman calls it, against the bank. They have met Mr. Madison, in 1815, called the attention of Congress to triumphant refutation in the able and unanswerable ar- the subject. The able and distinguished individual then ument made upon them by the distinguished gentleman at the head of the Treasury Department (Mr. Dallas) reom South Carolina, [Mr. McDUFFIE.] The object of this commended the measure strongly, and submitted a plan esolution does appear to me to be, to produce delay, to for a national bank, "not (as he says) for the purpose of ostpone the consideration of the main question for anoher year; that this will be the effect, I have no doubt. Why evade a direct action at this time upon the bill to reharter the bank? What good can be accomplished by his course? Should this inquiry take place, and the reult be highly honorable to the bank, will it convert the entleman from Georgia, [Mr. CLAYTON,] and those who dvocate his resolution? No, sir; they are the enemies of he bank, under all circumstances. No matter how prulently the affairs of the bank may have been managed; the result? Important facilities and advantages to the to matter with what purity and honesty its directors and Government, and to the whole country, in every departofficers may have conducted, these considerations weigh ment of business. Need I recall to the recollections of genothing with the gentleman from Georgia, [Mr. CLAY- tlemen the miserable state of the currency at that period, ON; he will not cease his opposition, because he when specie had disappeared from the face of the land, ells us it is founded upon constitutional grounds. Why and the country was inundated with notes, with "rags,' hen does he not come up to the point at once? Why not, as they have been called, from petty corporations, turnwith the same frankness and candor evinced by the gen-pike companies, and rotten banks? The first efforts of leman from North Carolina, [Mr. BRANCH,] expresss his the bank were to restore a sound currency to the counvillingness to meet the question directly? Why obstruct, try; and for this purpose imported a large amount of spe mbarrass, or delay the action of this House upon a sub-cie from Europe, and induced the local banks to make commerce and profit alone, but much more for the pur- Thus we find that this institution originated with the H. of R.] Bank of the United States. [March 1, 1832. arrangements for resuming specie payments; and in July, give us timely warning, that we may be prepared for the 1818, specie was once more thrown into circulation. These were some of the first acts of the bank which were beneficially felt throughout the Union. cry "the Philistines be upon you;" otherwise it will be sporting with our situation; it will be prostrating the giant West, for the mockery of those who envy its prosperity, and dread its rising power. The Western country suffered more than any other portion of the Union from the unsoundness and depreciation The gentleman from South Carolina, who immediately of the currency, and feels now more extensively the be- preceded me, [Mr. MITCHELL,] has taken a wide range. nefits which the Bank of the United States has con- I shall not follow him throughout, but will merely detain ferred. And yet the gentleman from Georgia [Mr. the House while I remark briefly upon a few of the points CLAYTON] thinks the West an object of sympathy, and is of his argument. The gentleman drew a parallel between suffering from the oppressive and intolerable burden the people of Great Britain and this country; but, sir, in which he imagines the bank to be. Where are the com- commenting upon the power of the Bank of England, a plaints from the West; and where are the applications to dangerous power, as he seemed to think it, it appears to be relieved from this "intolerable burden?" Would the me he was very unfortunate in the illustration which he gentleman from Georgia be made the organ of such com- furnished. Mr. Pitt, the gentleman says, who then adplaints, when the West is so ably represented on this ministered the Government of Great Britain, sustained a Hoor? How does he propose to relieve the West? By war against France by means of the Bank of England. I destroying the bank; by withdrawing the immense capital trust, sir, we shall never be reduced to the necessity of which has been loaned to the inhabitants? Sir, the re- depending upon the Bank of the United States for our medy would be worse than the disease. It would be fatal; main support under like circumstances. But, sir, if we it would be death; it would be far more destructive to the should ever be engaged in another war, and the bank West than the wild and wide rush of water which has so should refuse to aid this Government to the extent of its recently rolled through the beautiful valleys of that re- power, when called upon by the proper authority; if it gion, overwhelming fair and fertile fields, and carrying should withhold assistance, I then would prostrate it in the. along with it, in its course to the ocean, the labors of the dust; it would deservedly have forfeited all claim to our farmer and of the villager. We are told that misfor- protection, and ought no longer to receive it. The gen tunes never come alone: if the gentleman from Georgia tleman has also cited here some opinions of Mr. Jefferson. should succeed in his object, and this bank be now de- it is for the House to decide upon the weight of this anstroyed, then indeed will the West become the victim of thority. Mr. Jefferson's writings may be quoted on all twofold misfortune. subjects, and on all sides of all subjects. If the gentleman will adopt some opinions of Mr. Jefferson, to which I can refer him, from being a decided anti-tariff, he will become as strong a tariff man as I am before he leaves this House. That we may have a correct idea of the consequences to the West, should the bill for rechartering the bank be rejected, permit me to call the attention of the House for a moment to a statement now on our tables, showing the large amount of capital furnished to the West, all of which Another reason which the gentleman from South Caromust be returned. There is due from Louisiana nine to lina [Mr. MITCHELL] has urged in support of this resolu ten millions of dollars; from Tennessee about four mil- tion, arises from the circumstance that some of this stock! lions; from Kentucky five millions; from Ohio five millions; is owned by foreigners, and of this he complains. For at St. Louis half a million. I give the amounts in round my part, sir, I am pleased with this evidence that foreigners numbers, and am under the exact sums. How has all this have confidence in the integrity of our institutions, and been invested? Why, sir, in cotton and sugar plantations, the honesty of our citizens. If foreigners be willing to in commerce, in manufactories, in farms, in steamboats, place their capital in our hands, shall we refuse it; shall in every species of industry, and in all kinds of Western we say to them, you shall not hold any of our stock, either produce; among the merchants, mechanics, traders, boat- Government or bank? Sir, it would not be wise, it would men, drovers, produce dealers, and persons almost of be unbecoming this House, unbecoming this nation. The every employment. If all this capital is to be refunded gentleman is afraid of foreign influence. Sir, are there without ample notice, great distress and embarrassment no other channels through which foreign influence may will necessarily ensue. Withdraw from New Orleans the reach this Government? Is this the only one? Sir, this six or eight millions which she has, strike a blow at her, is sufficiently guarded; foreigners may own stock, but destroy her credit, and it will be felt throughout the whole they cannot vote, they cannot influence the direction, they valley of the Mississippi, like the earthquake which once cannot control the accommodations of the bank; they visited that country, penetrating even to the mountain re- cannot dictate to whom, nor to what part of the country gion. Kentucky and Tennessee must pay back about ten the capital shall be loaned; they can neither be directors millions. Ohio, with her rich soil, her thriving and enter- nor officers in the institution. Our own Government hold prising population, and her beautiful city of Cincinnati, one-fifth of the stock, and appoints one-fifth of the direc the pride and the boast of the West, and all who feel for tors. These may be called the people's directors, to the West, will again suffer under a reverse of fortune, guard the interests of the country. If any other precau will be wounded deeply and severely. tions are necessary, let them be proposed when the bil If we are to return this capital to the stockholders, and comes up for consideration. There is no necessity to ap to this Government, which is a large stockholder, it is all-point this committee to inquire into the fact of foreigners important that we should know it soon. I appeal to that holding stock; the information is already on our tables. sympathy which the gentleman from Georgia [Mr. CLAY- We all know the fact. The document before the House TON] professes for the West, and I ask that fair and full gives to us the amount of stock held by foreigners, with notice be given to us before the streams of our prosperity their names and their titles also; we can obtain nothing be withdrawn, be dried up, by an act of this Government. more by a committee of inquiry. Let not our public and private credit be annihilated at Torture us not by suspense, let us know in time. If the West is to be made to bleed at every pore, let the operation be slow; let us know in time when this system of depletion is to commence, that we may prepare for it, that our strength may not fail us, that we may guard against swooning, perhaps irrecoverably, under the operation. If we are to be shorn of the locks of our strength, once. The gentleman's apprehensions have not been confine to foreigners on this occasion; his suspicions extend ever to the naturalized citizens, and he is uneasy, under the idea that they may become directors; of this he also com plains. I regret that the gentleman should make any dis tinction here between the naturalized and native citizens Why should there be any difference? The freedom and security which our institutions afford, invite foreigners to MARCH 1, 1832.] Bank of the United States. [H. OF R. become citizens. The naturalized citizens have adopted and is liable for the payment of them, I consider as esthis country as their home; they have brought to it their tablished by the court, although the bank itself has never wealth, their talents, their skill, and their industry; they denied its liability, but admitted it. The learned justice have committed all to the protection of our laws, and we who holds the circuit court at Philadelphia, and is not infehave conferred upon them all the civil and political rights rior to any judge in the country in legal arguments and and privileges possessed by native citizens; and yet the research, has given a decision touching these "bank gentleman would deny to the naturalized citizen the trifling checks;" to counterfeit them is punishable. A forgery of privilege of being a director, or even a stockholder, in these checks would not be a fraud upon the bank, unless the bank. Sir, the gentleman will find among the natu- the bank were liable to pay. I consider, therefore, that ralized citizens as much integrity and virtue, and compe- on all these points we have already every information that tency to manage the affairs of a bank, as he will find any committee could procure. among the natural born citizens of South Carolina, or any other part of our country. Something has been said about this being a political question; that it is to have an effect upon an approaching In the remarks which were submitted to the House by election. I regret, sir, that politics have been alluded to the gentleman from Virginia, [Mr. PATTON,] and the gen-in this discussion; that the great and important question of tleman from New York, [Mr. CAMBRELENG,] very little, the recharter of the bank, involving deeply the national if any thing, was said, touching a majority of the charges prosperity, and the credit of the country, cannot be viewmade by the gentleman from Georgia. These gentlemen ed by some gentlemen apart from political considerations. seemed to rest their arguments for this inquiry almost ex- In attempting to excite party politics and party feelings, clusively upon two or three charges, viz. usury, bank it appears to me gentlemen have egregiously erred; they checks, and excessive issues. These were selected as the have satisfied my mind of the low estimate in which they strongest; and if it can be made to appear that, in rela-hold the integrity, the intelligence, and last, though not tion to these, this committee is unnecessary, may we not least, of public virtues, the independence of gentlemen reply to the gentleman from Virginia in the words of his in this House; and that they have not that confidence in own maxim, ex uno disce omnes. The first charge is usury; the President which they profess. These gentlemen this comes before us under a different aspect from the would have us to believe that they are the exclusive other charges; it is not founded upon mere suspicion or friends of the President, and that they have implicit conrumor, it is a matter of fact, substantiated in a court of fidence in the views of the Executive upon the subject; justice about ten years ago, in the Kentucky case of the and yet they are unwilling to trust him with it now. Bank vs. Owens et. al. For the sake of argument, I am Where is their confidence? The President, I believe, is as willing to give to the gentleman the full benefit of that much prepared to act at this session as he will be at the case, with all the facts, and the strong coloring, as stated next. The stockholders, the directors, the friends of the by the defendants in their plea, to which the counsel for bank, and the friends of the country, who are anxious on the bank demurred. Then how stands the fact of usury? the subject, and convinced of the salutary influence of Why, sir, established by the highest judicial tribunal the institution, manifest more confidence in the President; known to the country. The Supreme Court having pro- they are willing to commit the matter to him now. Why nounced judgment in the case, why now appoint a com- should the opponents of the bank, who call themselves mittee to inquire into the transaction to show the usury' his friends, distrust him, and endeavor to withhold it from The committee cannot strengthen the opinions of that him? The gentleman from New York, [Mr. CAMBREcourt, nor can they weaken its judgments: there is no need LENG,] if I understood him correctly, stated that the then of the inquiry. Nor can I see that this transaction friends of the President are not the friends of the bank ought to affect the character of the institution injuriously. in any part of the country. I certainly am as well, if not What was it? It was an affair with the branch bank at better, acquainted with the politics of my own State, as Lexington in relation to a loan of depreciated paper. the gentleman from New York can possibly be. That the View it in its most odious light; take it with the worst fea- President has many friends in Pennsylvania, no one can tures that can be given to it by the defendants themselves deny; and I can assure the gentleman, that among the in their own statement, and it seems to me to operate fa- earliest, strongest, and most firm friends of the President, vorably to the conduct of the officers of the branch; it are to be found the strongest friends of the bank, and the establishes the conviction in my mind that they believed warmest advocates for a renewal of its charter. What the transaction a fair one, entered into in good faith, and the fact may be in New York, and other parts of the not a violation in any respect of the charter, and that un-country, I cannot say, I speak only as to Pennsylvania; der the charter they had a right to make it. Whatever, Pennsylvania fears not the bank; her Legislature has retherefore, was the true legal nature of the transaction, it commended that it be rechartered. She has confidence was not intentionally and knowingly usurious on the part in its management. The interests of the people are proof the officers of the branch. How did the bank act in this matter in court? Did the bank put the defendants to the trouble and difficulty of proving the facts before a court and jury? The counsel for the bank might have embarrassed the defendants greatly by requiring strict proof of the facts alleged on their part. Was this course pursued? No, sir; the officers of the branch admitted all the facts set For these reasons, sir, I cannot assent to the proposiforth in the plea of defendants, believing that the bargain tion made by the gentleman from Georgia. If I thought would be sustained in law, and not pronounced usurious. any useful purpose could be effected important to the Another reason for this investigation, is the issuing of action of this House at this session, I would have no obbank checks, "spurious notes," as they have been called, jection to an inquiry; justice to the bank would seem to but properly "bills of exchange." What can be gained require it. But taking the charges which have been inupon this point? The fact is already known to us all. troduced, without coming from the Government or The bank does not disavow it. These bank checks are people's directors, to be true and believed, let them form in circulation every where, and are seen every day. The the basis of propositions to amend the charter when the bill amount issued by the bank is known; the bank has fur- on our tables shall be under consideration at this session, nished the information. What more can be desired' We and not to obstruct or retard the action of the House on a have every thing that a committec could obtain upon this subject of such vast importance to the whole community. subject. That the bank is authorized to issue these bills, VOL. VHI.--123 tected in the direction by the people's directors, placed there to watch the conduct of the bank. Have they sent up any charges against the bank? have these persons complained of any mismanagement? No sir, they have not been heard here, except in the memorial asking for a renewal of the charter. Mr. WATMOUGH, of Pennsylvania, next addressed H. OF R.] Bank of the United States. [MARCH 1, 1832. the House. The hour, he said, was late, and he felt that at large, when it shall be properly brought before us. I it would be a tax upon the patience of the House to con- shall do this, sir, with the more confidence, because I tinue this debate for a moment longer than was absolutely shall feel myself sustained, not only by the unanimous necessary to a clear development of the views of those voice of my constituents, and of the intelligent and moral with whom it originated, and a vindication of the course community which I have the honor, in part, to represent, which a sense of public duty prescribed to him at its out- but, sir, by the general sense of the great mass of the set. I am, said he, the only member on this floor against people of Pennsylvania, as expressed in the many memowhom the charge, so often repeated by honorable gentle- rials which load your table, and as manifested by the almen, of an intention to stifle debate upon this momentous most unanimous vote of their Senate and House of Repre question, can at all apply. And, although, sir, my pur-sentatives. I shall refrain, therefore, at present, from pose in rising at present is mainly with the view to offer following gentlemen through all the grounds they have to the House the amendment I hold in my hand, yet I thought proper to go over. I must be excused, however, trust I shall be excused for occupying your attention for a for a moment, while I notice one position taken by the honofew moments, while I meet that charge, and assume, en-rable gentleman from South Carolina [Mr. MITCHELL] Who tirely and individually, all its responsibility. When, sir, I spoke last, and which struck me in a light so pleasant that I rose in my seat, and called for the question of considera- doubted whether the honorable gentleman was serious tion upon the resolution submitted by the honorable gen- when he urged it. The honorable and talented gentletleman from Georgia, I was desirous that what I considered man deprecated any immediate action on this question of an evasion of the action of this House upon a most im- the bank, as calculated to embarrass very much a certain portant and momentous question, should be met with portion of the members of this House, by placing them in promptitude at the very threshold, and quashed at once. the awkward dilemma of a struggle between what might I considered the resolution, sir, in no other light than be deemed their duty to their country and their allegias an attempt at indefinite postponement. The rules of the ance, if I rightly understood the honorable gentleman, to House forbade me to go into an exposition of the reasons the Executive of the nation. I confess myself, sir, to be which governed me; nor have I, until the present moment, quite at a loss whether to be most amused at the pleasantbeen able to obtain the floor to offer those reasons to the ness of the argument, or grieved at the awkwardness of House. I have had no cause, sir, to change the opinion the position to which it reduces some of the honorable formed in the outset of this matter. On the contrary, sir, members of this House. I will venture to assert that the I have reason to congratulate myself at the view first number of those who feel their independence of action taken, and thank the honorable frankness of the distin-thus trammelled, the scope of their own judgments thus guished and talented gentleman from South Carolina, enchained, is indeed very few. For myself, sir, I utterly who last addressed the House, for having confirmed me in repudiate any such subjection. I reject, with the warmest the correctness of my course. That honorable gentle-indignation, any wavering, unsteadiness of purpose, any man has met this question, and argued it entirely on the selfish political consideration likely to have, even reground of postponement. In that light only can it be motely, the tendency to divert me from the rigid performviewed, how much soever to the contrary honorable gen- ance of a great public duty. Why, sir, the honorable gentlemen may protest. In that light only did I view it, when, tleman's argument reminds me of a pleasant story I reby the impulse of my own unaided, uninstructed judg- member once to have heard, which, while it amused me ment, I rose to a question of order, and dared the respon-infinitely at the time, conveyed to my mind a lesson I have sibility with which the friends of the resolution immedi- often had occasion subsequently to turn to account. It is ately attempted to load the bank. On that point of order, the story, sir, of a man sailing up the North river, with sir, I was overruled; and, much as I regretted the decision prospects so favorable, and the wind so directly fair, so of the Chair against me at the time, have since had dead aft, that he was utterly at a loss on which side to abundant cause to rejoice in the opportunity which was place his boom. And what does he do, sir? Why, sir, he thus offered to the most brilliant and triumphant display came to an anchor, and thus lost both wind and tide, and of the highest order of talents on the part of the distin- with them the market to which he was hastening. guished chairman of the Committee of Ways and Means. This, sir, is not my case in the course my duty has preNo sooner, sir, had the honorable gentleman from Georgia scribed to me. I am moving to my object with all sail set, unfolded his budget; no sconer had he developed his long the wind abaft the beam, the sky clear and unclouded, the list of crude, indefinite charges, not vouched for by him- haven directly before me; and shall I prove recreant to self, and only supported by a vague suspicion in his own my public and private duty, because I hear in the distance mind that all could not be as it should be, than the honora- a few faint murmurs of breakers past? I trust not, sir. I ble gentleman from South Carolina rose in his seat, met am too well sustained on this point by the general voice of these charges triumphantly, and most triumphantly re- my constituents at home-by the sense of one of the most futed them to the satisfaction of every calm and unpreju- moral communities in this world, among whom the indiced mind. To that refutation, ample and complete as endoes, the suspicions contained in the bill of indictment it was, I can add nothing-nothing is desired. It left no of the honorable member from Georgia are not known, ground untouched. It levelled completely the airy fabric and will not be received; and, above all, sir, by the generaised, no doubt, with so much labor; and there the mat- ral voice of the freemen of Pennsylvania, as conveyed to ter ought of right to rest. But, sir, it seems the oppo- us, her representatives here, by the almost unanimous nents of the bank seek not conviction; they clamor for voice of her representatives in the State Legislature-a scrutiny. The debate has been, continued--the charges voice, sir, which has never yet spoken but to decide. I dilated upon; and, sir, notwithstanding their stale, flat, do not, therefore, feel myself upon the horns of the awk and I do contend, so far as their consumption of the time ward dilemma which the eloquence of the talented genof this House, and their encroachment upon the import-tleman has so feelingly described. I have but one object ant interests of the country at large go, their truly unpro- in view--the rechartering of an institution upon the exist fitable character, yet are we to be forced, prematurely, ence of which I conscientiously believe depend all the into the general merits of a question not properly before important interests, not only of the Government, but the House, and upon which it becomes us to enter with likewise of the merchant, the farmer, the manufacturer, all due sobriety of argument and feeling. the mechanic. I consider the resolution only as an im Sir, I cannot consent to this course. I am ready, and pediment to the fulfilment of this object, and I have conshall be most happy to meet and debate this subject, so sequently opposed it. And this, sir, is the whole secret vital to every interest of the Government and the people of this mighty attempt to stifle debate. MARCH 1, 1832.] Bank of the United States.. [H. of R. But, sir, it is said that the bank dreads investigation-- of such a course? Would it not be the most effectual seeks rather to avoid it. I am confident this is not the step that could be taken to prevent any operation on the case. On the contrary, I am well assured that the closer bill presented for the renewal of the charter of the bank the scrutiny, the more complete will be the triumph. for this session? Would it not prolong the excitement The amendment I hold in my hand, and which I propose to offer, will be sufficient at once to convince gentlemen that it is not the object of those who favor the bank to avoid scrutiny. They only desire that the prompt action of this House may not be evaded. They believe it due both to the respectable class whose memorial is now be fore us; to the honorable committee to whose labors that memorial was confided, and who have reported a bill; and, above all, to the vast interests involved in the question under discussion, that this action should take place at as early a day as possible. It will be seen, sir, that the proposed amendment is as ample as gentlemen could desire, and covers all the grounds included within the specifications of the gentleman from Georgia. I submit it, sir, in the hope that it will meet the approbation of a majority of the House, and put an end at once to a discussion as indefinite as it is likely to prove injurious. Mr. CAMBRELENG opposed the amendment offered by Mr. WATMOUGH, as tending to evade the object of the resolution. It was wholly unparliamentary to put such an inquiry into the charge of a committee avowedly in favor of the bank. Mr. ELLSWORTH rose for the purpose of repelling the statements which had been made, that there was a general opinion throughout the country that the affairs of the Bank of the United States were conducted corruptly or improperly. Such was not, as far as he knew any thing on the subject, the general opinion, but the reverse. He would go still further, and say in his place that no such general sentiment would be found to prevail in that House. He did not mean to impute improper motives to those who made such insinuations, but he denied altogether that such opinions existed against the institution, which prevailed on the subject throughout the country? And might it not, from mere delay, ultimately tend to the defeat of the bill? No individual in the House could sériously credit the vague charges that were brought forward on such grounds as were presented. If he thought the rottenness and corruption alleged against the bank existed, he would willingly prolong the sitting of the House until September, with a view to have a final deci. sion on the question, and at the same time give every opportunity to investigate, that the House might be enabled to act with every possible knowledge on the subject. He did not believe that there was any rottenness in the institution, as was alleged; and he well knew that the state of the country made it necessary there should be a speedy action of the House on the renewal of the bill. The interests of the bank were so blended with the other great interests of the country, with its agriculture, manufac Mr. MITCHELL proposed to amend the amendment tures, and commerce, that every person must admit that by adding a clause instructing the committee to inquire all these vital interests, and which affected all parts of the of the directors of the bank whether they had not acted country alike, would be seriously jeopardized if further dishonorably or dishonestly in administering the affairs of delay took place. But for what reason was this delay the institution. required? Simply because vague suggestions, mere suspicions, were gravely urged, which induced some individuals to think, or pretend rather, that there was rottenness in the institution. Mere suspicions were urged as the ground for delay, whilst no member, although calls were made for that purpose, could be found to rise in his place, and vouch for any one of the facts upon which suspicion rested; nor was there any person who ventured, upon his responsibility, to place the subject in such a light before the House as would deservedly bring down upon the bank the condemnation so much desired. The whole charges against the bank were not of any moment, and he believed proceeded from the struggle existing between the parties who were advocates for, or who were against the renewal of the bank charter. He wished the question could be narrowed simply to that of renewal, as he felt a strong desire to bring that matter to a crisis, although he had no personal interest to advance; nor was there any want felt The approaching crisis was one of vast importance, not in Connecticut for any of its funds; he regarded the quesalone to that great institution itself, but as it regarded al- tion as affecting the currency of the country, the fiscal most all the vital interests of the country. The friends operations of the Government, and the other interests of the bank were desirous to meet any investigation that involved. Should not the bank be renewed, sixty milshould be presented on any thing like reasonable grounds. lions are to be drawn in from its debtors to close its conThe charges of the honorable member from Georgia, cerns. It was a question, in fact, of such vital importance [Mr. CLAYTON,] he must be excused for saying, appeared to all the great interests of the country, that he deprecated to him to have been originated on very vague suggestions. the very agitation of it, as calculated to do serious inYet it was to such vague charges, although not vouched jury. He was totally adverse to any measure which would for, nor given upon the responsibility of any individual, have a tendency to postpone a decision in the question, yet the honorable member from New York lent the weight of he felt gratified that the amendment was such, as that his influence. They were not, however, of such a na- while it secured full investigation into the charges which ture as to induce him, although desirous, in common with had been preferred, he could vote for it as he meant to do; the friends of the bank, to have investigation when pre- not that he believed there was any necessity for the insented in such a way as to call for it, to vote for the ap- vestigation, but because he did not wish it to go abroad pointment of a select committee of the House. They all that inquiry was refused. The Government had never knew the time that would elapse before any report could experienced two so distressing periods, as when it was be made by such a committee, if appointed. He thought without a bank, before 1792 and 1816. The fiscal operathe amendment proposed to the resolution by the mem- tions of the Government have since become immense. ber from Pennsylvania, [Mr. WATмOUGH,] was calculated Thirty millions of dollars are now annually collected, transto secure full investigation into the matters presented by mitted, and disbursed by the bank, without trouble, risk, the honorable member from Georgia. If a select com- or charge to the United States. Destroy the bank, and mittee was appointed, and placed as it would be in the what confusion ensues! The alarm is great, and the fear hands of those opposed to the bank renewal, there could of the friends of the bank is daily increasing, and well it be no calculating when their investigation would terminate. may, for gentlemen rise in their places here, who are With the usual powers given to such committees to send friendly to the President, and who have the means of for persons, papers, &c., the opponents of the bank could knowledge, and declare that he never will give his conpresent plausible matter sufficient to take up the time of sent to a new charter. Mr. E. believed the prospects the committee several months. This, then, being his of the bank were the most disheartening; he could not forview of the subject, he would ask, what must be the result get the language of the President used in his first mes. there or elsewhere. |