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of a new Co renews his
Bank of the DOW declare 1 premature! present the
Afer the tention to thị topic of Pop
ed in the P popular elec on more Occ expression mine, in K legislature was surpris (the hills little occa tioned on Bank of I bort of ge quarters,
the questi condition by Dr. Fra demonstrat vention, in fables. T pounced f cat, laking
paus of the
supposed p if the othe puss, you br and I will back-a CO assented.
The frienfor near the nos un supposed earnest, in tion, and tating it! A
The others of preferrin 1 vell found
who lave la deliterated peatedly ter of the Teans to e caring and
Inordinary the bank
it, notre he force ale a las : Ogla e that of pressed imagined ali the applicat t has been she scrutiated Stales
by the per Of all i TE SPORT has been
of a new Congress, the President deliberately spect and deference, to examine some of the bung, should
renews his recommendation to consider the objections to its becoming a law, contained in turning Legit
question of the renewal of the charter of the the President's Message, avoiding, as much as ithstanding des
Bank of the United States. And yet his friends I can, a repetition of what gentlemen have said kestacks, mija
now declare the agitation of the question to be who preceded me. ate Constitutus,
premature! It was not premature in 1829 to The President thinks that the precedents, GE e rejection et
present the question, but it is premature in drawn from the proceedings of Congress, as to 1 be paid byen 1832 to consider and decide it!
the constitutional power to establish a bank, elected
Af.er the President had directed public at- are neutralized, by there being two for and two Botidisturday
tention to this question, it became not only as against the authority. He supposes that one
topic of popular conversation, but was discuss Congress in 1811, and another in 1815, decided Chief Nie
ed in the press, and employed as a theme in against the power. Let us examine both of cera respectful popular elections. I was myself interrogated, these cases. The House of Representatives in irged against on more occasions than one, to make a public 1811, passed the bill to recharter the bank, ubers elected
expression of my sentiments; and a friend of and, consequently, affirmed the power. The
was surprised, in an obscure part of his county, ing vote of the 17 who voted against the
Bank of the United States. It seemed as if a of the constitutional power of Congress to ese
quarters, to the partisans of the Administration distinct ground. Taking away his vote and every where, to agitate anid make the most of adding it to the 17 who voted for the bank, the the question. They have done so: and their number would have stood 18 for, and 16 against condition now reminds me of the fable invented the power. But we know further, that Mr. by Dr. Franklin, of the Eagle and the Cat, to Gaillard, Mr. Anderson, and Mr. Robinson, demonstrate that Æsop had not exhausted in- made a part of that 16; and that in 1815, all vention, in the construction of his memorable three of them voted for the bank. Take those fables. The eagle, you know, Mr. President, three votes from the 16 and add them to the pounced from his lofty fliglit in the air, upon a 18, and the vote of 1811, as to the question of cat, taking it to be a pig. Having borne off the constitutional power, would have been 21 his prize, he quickly telt most painfully the and 13. And of these thirteen there might paws of the cat ihrust deeply into his sides and have been others still who were not governed body. Whilst flying, he held a parley with the in their votes by any doubts of the power. supposed pig, and proposed to let go his hold, in regard to the Congress of 1815, so far if the other would let him alone. No, says from their having entertained any scruples in puss, you brought me from yonder earth below, respect to the power to establish a bank, they and I will hold fast to you until you carry me actually passed a bank bill, and thereby affirm. back—a condition to which the eagle readily ed the power. It is true, that by the casting assented.
vote of the Speaker of the House of RepreThe friends of the President, who have been sentatives, (Mr.Curves, they rejected another for near three years agitating this question, bank bill, not on grounds of want of power, now turn round upon their opponents who have but upon considerations of expediency in the supposed the President quite serious and in particular structure of that bank. earnest, in presenting it for public considera- Both the adverse precedents, therefore, retion, and charge them with prematurely agi- lied upon in the messsage, operate directly tating it! And that for electioneering purposes against the argument which they were brought The other side understands perfectly the policy forward to maintain. Congress, by various other of preferring an unjust charge in order to avoid acts, in relation to the Bank of the United a well founded accusation.
States, bas again and again sanctioned the It there be an electioneering motive in the power. And I believe it may be truly afirmmatter, who have been actuated by it! Those ed that from the commencement of the Governwho have taken the President at his word, and ment to this day, there has not been a Congress deliberated on a measure which he has re- opposed to the Bank of the United States upon peatedly recommended to their consideration, the distinct ground of a want of power to estaor those who have resorted to all sorts of blish it. means to elude the question? By alternately And here, Mr. President, I must request the coaxing and threatening the bank; by an ex-indulgence of the Senate, whilst I express a few traordinary investigation into the administration words in relation to myself. of the bank; and by every species of postpone- I voted, in 1811, against the old Bank of the ment and procrastination, during the progress United States, and I delivered, on the occasion, of the bill.
a speech, in which, among other reasons, I asNotwithstanding allthese dilatory expedients, signed that of its being unconstitutional. My a majority of Congress, prompted by the will speech has been read to the Senate, during and the best interests of the nation, passed the the progress of this bill, but the reading of it bill. And I shall now proceed, with great re excited
no other regret than that it was read in
More the 25, M.
the Pier Congra the sis
vec to 31 Was info DO 25 TI AT ers bar ob! Sla
tell 2 the troit have prog Bri ted seri for hay pita Ly
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we obtained foreign capital (Dutch and French,) the operations of Government, that occasion distribution de les to aid us. During the late war American stock the transfer annually, of money from the west paper which the aid was sent to Europe to sell; and, if I am not mis- to the Atlantic States. What is the actual sury
, from the fruta informed, to Liverpool. The question does course of things? The business and commerce strained to pare, ma not depend upon the place whence the capital of the west are carried on with New Orleans, The opentan ister is obtained, but the advantageous use of it. with the southern and southwestern States, and ald accumalte der The confidence of foreigners in our stocks is with the Atlantic cities. We transport our could act be med tail a proof of the solidity of our credit. Foreign-dead or inanimale produce to New Orleans, purposes of Guang, ers have no voice in the administration of this and receive in return checks or drafts of the arbitrary boiteng. I bank; and if they buy its stock, they are Bank of the United States at a premium of a
received from te obliged to submit to citizens of the United half per cent, We send, by our drovers, our sived as mec lest. Slates to manage it. The Senator from Ten-live stock to the south and the southwest, and s, as was the deri nessee (Mr. WHITE,) asks what would have receive similar checks in return. With these in which the
been the owndition of this country, if during drafts or checks our merchants proceed to the ie. Tates were
the late war, this bank had existed, with such Atlantic cities and purchase domestic or foEngland, where su
an interest in it as foreigners now hold? I will reign goods for western consumption. The suspended the
tell him. We should have avoided many of lead and fur trade of Missouri and Illinois is also the disasters of that war, perhaps those at De carried on principally through the agency of
troit and at this place. suspended. I
The Government would the Bank of the United States. The Governhave possessed ample means for its vigorous ment also transfers to places where it is wanted, paid by the prok prosecution; and the interest of foreigners, through the
bank, the sums accumulated at the for example, it British subjects especially, would have opera- different land offices for purchases of the pubpaper wted upon them, not upon us. Will it not be a lic lands.
serious evil to be obliged to remit in specie to Now all these varied opera'ions must go on; Considering ta, foreigners the eight millions which they now all these remittances
must be made,
Bank of the was such them have in this bank, instead of retaining that can United States or no Bank. The bank does not ate it withote pital within the country to stimulate its indus- create but it facilitates them. The bank is a estened genesil try and enterprise!
mere vehicle; just as much so as the steamboat lead to a al The President assigns in his message a con- is the vehicle which transports our produce to overnment spicuous place to the alleged injurious operation the great mart of New Orleans, and not the ty of Congres of the bank on the interests of the western peo- grower of that produce. It is to confound y could be di ple. They ought to be much
indebted to him for cause and effect, to attribute to the bank the ther auxiliary his kindness manifested towards them; although, transfer of money from the west to the cast. medy, M. I think, they have much reason to deprecate it. Anuihilate the bank to-morrow, and similar ne the questiu The people of all the west owe to this bank transfers of capital, the same description of pele arising fra about thirty millions, which have been borrowed cuniary operations must be continued: not so that the ulet from it, and the President thinks that the well, it is true, but performed they must be, ill cold calaki payments for the interest, and other facilities or well, under
any state of circumstances. that opina, which they derive from the operation of this The true questions are, how are they now Ely aware the bank, are so onerous as to produce "a
drain of performed? how were they conducted prior to geily be sia their genereye which no country can bear with the existence of the
banki how would they
be bus, log
His remedy is to compel them to pay the whole condition before the bank was established; and, med upon
of the debt, which they have contracted in a as I reason from past to future experience, un-
might be disposed to dispense with the kindness 2 per ct. The aggregate amount of all remitthe mess of the President. If, instead of borrowing tances throughout the whole course of the year
thirty millions from the bank, they had borrow. was very great, and instead of the sum then ssignable need a like sum from a Girard, John Jacob Astor, paid, we now pay half per cent. or nothing, if
or any other banker, what would they think of notes of the Bank of the United States be used. one who would come to them and say "Gentle Prior to the bank, we were without the capital
men of the west, it will ruin you to pay the in- of the thirty miilions which that institution now vements, al terest of that debt, and therefore I will oblige supplies, stimulating our industry and invigor
you to pay the whole of the principal in less ating our enterprise. In Kentucky we have no The than four years." Would they not reply-specie-paying bank, scarcely any curren
We know what we are about; mind your own cy other than that of paper of the Bank of business; we are satisfied that in ours we can the United States and its branches.
How is the west to pay this enormous debt of lot of in de make no only the interest on what we loan, of the bahs but fun profit besides?”
thirty millions of dollars? It is impossible. It A great mistake exists about the western up. cannot be done. General distress, certain,
eration of the bank. It is not the bank, but wide-sperad, inevitable ruin, must be the conTesort a fathe business, the commerce of the west, and sequences of an attempt to enforce the pay.
mmencement doubt. the suggestion evident inks ned to this
interest when Bank of the
ction be lent stock, u ind other an
ples in v
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