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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, October 17, 1837, Image 2

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engage in. Johu Bull will probably lose twenty-five I
or thirty millions by it! . '
But, /eauinued Mr K ) we are told of frequent ,
cosrwMMM btfoiv Unfortunate references, Mr K
th .unht, for those ?ho made' them. What were
they when compared to the present 1 Thai oT lWlO |
aro?e lh?m*x> na*ty an eli'ort lo restore the contu
sion iuio which the finances had fallen under the
S.aic bunks; that of 1S-J& was known1 to have been
brought u|Hiii tu bv Eugland; and was short in dura
tion ami comparatively trifling in <KMequefM?; and
what was that of lH3i, that in to much harped on1
Why, but for the diligence of gentlemen in looking
up evidences of these great revulsions, they would
it. >t have buo know n or recollected out of the sea
ports, and hardly there He recollected some short
paragraphs in 1KW. alluding rather timidly lo the
rattlingof specie in Wall street;" this continued a
few days; ab>ut live millions were shipped; the
B.iuk of the United States drew bills to an equal
amount; the foreign creditor was satisfied, and the
panic ended. We had then no Executive financier
ing, no specie circulars; trade iras I'll <n the hands
of its Uuetnt guardians i specie went ojj irh' it th' rut*
of exchange required it ; and, by the prom/d ptitrinen( .
of Jii r millions, Ik- Hank of the United Slates gut the
nation a credit for tke baUnce, which was paid by the
cropnndn diminished im/tort.
Vet such had been the nature of the warfare
against the bmk, whilst in life, and now against its
ghost, >h a |is friend from Connecticut, in the next
breath, after having praised the circular, made a
lurking attack upon thebaink,/?r interfering inth ike
hurt ol tradin 1 nii'2,ond prntn/ing the export of
speci, to tk? u'Mr. amount ol tk', foreign debt. How
this arguaum was to b ? reconciled with the specie
circular, and the whole " poliey" and arguments by
w hich it ba^ been lauded and justified, Mr K. would
leave to the Senator and the friends of that measure
to settle among themselves. This charge against
the b ink, he thought, carried the true doctrine to the
opposite extreme. A demand for a cash balance al
wuvi admonishes the nation that it hits over-traded ;
<nid unless it has the whole amount to spare, it is
frequently an advantage to pay a part, and have time
to adjust the balance, He thought then the bmk
h d done well in 1KW to pay what was required in
specie, and get the nation credit for the b dance until
the crop of exports could b ? sold. It was frequently
of an advantage to an individual, he said, when he
hid become unexpectedly indeb'ed, to pay what
ready money h ? had, and get credit for the balance
until the sale ol' his crop; and one advantage of a
national institution was, that its credit always ena
bled it in such circumstances to get indulgence for
tfi nation, as a friend was sometimes useful in getting
credit for an individual Sir, said he, the fate ol'
this institution was most extraordinary. If Mr.
Middle expanded, he was bribing the country: if he
contracted, he was ruining the country : if he import
ed specie, be was speculating upon the country ; if he
exported specie, he was conspiring against the coun
try ; if he stood up, he was impudent: if he sit down
he was suspicious: if he lay down he was useless:
and whenever he made a move, whether he crossed
ab >ve or below the Executive, he equally muddied
the waters.
Me thought the Senator from Connecticut had
made another mistake in stating that the expansion
of the bank occasioned the speculative rise in prices^
and our importations of IK'M. The over-importation
preceded the expansion, and the expansion was avow
edly intended to circulate the increase of commodi
ties occasioned by the over-importation. The spe
culative rise, and over-importatiun of 1KB. were
owing to a cause as natural as the ebb and flow of
the tides, and almost as periodical. They arose from
the preceding low prices, which had stimulated con
sumption, and exhausted the stocks in IKK). These
fluctuations are always going on in every nation to
some extent, and arise from the impossibility of
keeping up, in the extended business of a nation, ail
exact relation between supply and demand.
Mr. K said the Un.ted (states Bank, though no
longer ill existence, had been the theme of every
gentleman who had addressed the Senate. lie should
say no more of it than was necessary to justify and
defend himself, and the numerous friends of the
Administration who had believed in the utility of
that institution. His defence was fully justified, for,
although that institution teas established bn the. demo
cratic party, every friend of it is placed, in sweeping
denunciations, among aristocrats, rogues, and con
spirators; ranked with the '? Biddies, and the Bar
ings, and the bunks," and set upon in full cry by
dunces and demagogues, anxious onlyto turn atten
tion from their own mischievous blunders and
errors.
When he cmne to maturity, he said, he found the
Bank of the United States in successful and happy
operation, lie learned its history, and found that it
was established by the party to which he had always
been attached, with the immortal Madison at their
head; who, after fatal experience, had changcd his
opinion on the subject. This paternity recommended
it. but reflection as well as experience convinced hiin
of its great utility as a financial agent to the Govern
ment, as an aid to internal and external commerce,
and a wholesome regulator of an otherwise unregu
lated paper system. As an original question. he was
and ever had been opposed to the whole paper sys
tem. but the system certainly had many advantages
in a free country, and moreover was fixed upon us,
and no one generation either could or would bear
the sacrifices it would cost to get rid of it. And
(added he) the progress we should make in getting
rid of the system and its abuses, by putting down the
Hank of the United State-, was predicted by. me in
the Senate in 18IM Sir, the great Temperance
President, or temperance reformer," Mr. Del a van,
who sends us so many temperance papers, might
jtist as we'll have undertaken to encourage the cause
of temperance in which he is engaged, bv breaking
up one respectable grocery in Chestnut street, that
he might raise up five hundred grog shops in the
Liberties, the villages, and the Western wilderness.
He thought it the part of wisdom not to waste itsell
on impracticable extremes, but to secure the blessings
of the system, and avoid as many of its evils as j.os
sible. This he thought was best cfleeted by it na
tional bank, with the aid of the Treasury The vast
extent of our country gave full time to such an insti
tution to lop otf redundancies and till tip deficiencies
on notice of tin irregularity in the currency in any
particular sections before tfie effect became general.
Ii was clearly the interest of such an institution to
perlur^n these duties faithfully, lis own .successful,
operation in a groat measure depended on it; which
wa- the b - guaranty to the public that t)i< y would
b' so performed. He also l>??lieved that the money
ot the nation could b i-entrusted to no agency so little
dangerous to liberty, or so tinlik .|y to use it for poli
tical purposes. 'Experience proved the truth of this
opinion. We had again the b-st of all secu'fity that
is, the security oj interest To engogi in politics yr
?unite itself irilk a political junto, is death to the insti
tution. What evidence had fucji shown, (if could
1 > ? shown, that the bank ever hinted an interference
u 1th politic*, until it supposed the Kxeeutive to make
tin overture for that purpose ! In Ithe Kit ctnive
commenced a correspondence with the l> ink to pro,
cure a change in the President of the New Hamp
shire branch, He did not say that any thing impro
per was intended by the Executive, but it was the
Iitm interference of the kind, and the bank supposed
it to be an attempt to efilist it in politics, and unite
the power of the t? ink with lite power of the Govern
ment. It declined oh the ?.'round that the bank never
had and could not now thin . of interfering in the
politics of the country The ri -1 is known. The
Message followed with a charge of ? hat nob idy had
ever heard of before, and rejoin mending a Treasury
li ink, uniting the power and patronage of a b ink to
that of the Government. I'rom tliit.l time forth th"
Executive r intinued to struggle for the jnoncv power
until it took possession of it in Is'lll. In* the removal
of the depo.-iie- I only mention, tliese fa< ts, -jr. to
prove the great reluctance with which such an insti
tution will always engage in politics. In interest
requires the custom and friendship of b >th political
parties, and it cannot prosper against a war by either,
l'he money power of the Treasury is great, let it be
lodged where it will; but for the reasons stated. |
believe it i- less in a national Ii nk. etitifierted with
tityl dependent tm the business nl th< eouitiry. than in
am/ other. There was no danger of the political
iritluence of a )> ink, if the Executive wmld let it
aloiift, Some admitted tint the bank had b'en im- 1
properly attacked, but that, b'ing attacked. it had
over issued and otherwise mismanaged in itsstr-jg.
gles t<it a re charter. This might be true to .some
extent, but if so., it is more an objection to the direc
tion than the institution, and might be prevented bv
a simple provision in the ehnrier, which the old
charter oughttto have eimtflliifd,
Sir, these am the opinion* 1 have always entertained,
nnd were the opinion * < > 1 riiy then colleague, when I
came into the Senate . thev v\? re kt own to o ir consti
tuents But a* this was a matt' r ,,f expedtencv, on
which thev hud a right to jud^e, lie v ( ' pected to he,
and shall lie, represented ;'and then wi-he*. when I
last heard from them, were against a lwti.iii.il bank
In fact, although I believe it unforlutiaie tii it the old
bank .was destroyed, the question of establishing , n,.w
one, at tlris tunc, is a very dillcrcnt question I'm;, r
our anti-bank administration, the bank capital has ?>. ( II
much more than doubled, in ? few venrs. Is it exjn -
dicnl to add lo it ' It so, lite practicabihtv of con
trolling it, by a national bank ol pi ruussihle size, and
the manner of doing it, are important qiieslioiiM Tiie '
present rate of exchange, too, wo ,id render it diiricult j
fo procure specie for the institution, and create a dr- j
niand for it, that would, for tiie present, add to the dis
Ucm. There were tome o'iu-r ttMOn* thai bad been
referred to, but which he would not, at I hi* tune, notice.
But, wc are gravely tr>iti, ?ur, that liic " Bnuk "I the
I 'inu?J States, with it* ? ?tiU greater strength.' h#? not
Iweii able to prevent the preaent ?t*te of atlair* , U?al it
" has not been able to check other institutions, or save
itself.' " Thw reference to the bank would have done
very we!! fur a part* MuMptpcr; but I mu*l conli ?s I
?n somewhat astoniahed to tind it lu a message ol thtJ
j President of the United States Can it be supposed
! tliat the most ignorant can be deceived by thia ratch at
! a mere name ? Whoever thought of holding the Hank
I of the United State* res|K>n?ible for the currency, or a*
a financial regulator, after the withdrawal ofila branchea,
or even alter the removal of the deposites ' What ob
ligation was it under to the public, after the public had
taken awav the deposites and dispensed with Its ser
vices ' Was it under any very strong obligation, if it
had the power to aid the Executive in an experiment
inade at its expense, and intended for it* destruction \
I should think not; and to hold a Stale Hank responsi
| !>|e, Ui aune tl is failed " the Ilank of the United State*,"
! is absolutely ridiculous. It has fallen into line with ihe
l multitude of State banks, created under the late aduii
! lustration It has supported his "policy" by importing
specie on credit, that it might hatch more paper upon it
I It has gloried in the confusion of the exchanges, by
which it has made millions In short, like the rest of
i the State banks, it has gone for inakuig money ; it has
I joined its fortunes with the State banks ; it has bor
rowed spec ie like the State banks ; has expand) d with
' the State banks ; has shaved w ith, the State banks ; has
j tailed with the State banks, and is a State bank, and
I yet it is held responsible to the country a< a national
Innk Sir, it is no mote a Tinted States Hank, and
j not so much as the little Bnrhngtou bank, which pro
I dueed such a happy etfect with a modicum of the spoils
j sent to it, and pressiuglv sent for more to operate on
l the elections, 14in anticipation of the wool clip"?
I There is a United States Bank for ye, established by the
I Ex< eutive to prevent the public money from being em
| ploved to operate on the politics of the country !
Why, then, these valiant charges upon a ghost: tin*
| war upon a sign : these tilts upon a tombstone ! They
! are about as useful, and about as rational, as the charges
| of the redoubtable Don Quixottc upon the windwills.
In connexion with these perpetual efforts to frighten
us with ghosts and " things that are not, ' Mr K said
| he nad never had his democratic feelings so shocked as
! thev had been by a sentiment of the Senator from South
Carolina, (Mr. Calhriun,) warmly applauded by his
friend near hiin, (Mr Stinn^e ) We were told that
though expedient, we should not make this Stale bank
a depository, "because It would be a triumph over the
Government!" What Government ? The " Govern
ment" at the Hermitage, or the Government at the
White House ! These. Governments were both, to be
sure, supposed to be inimical to the present State bank,
because they did not like Mr Hiddle, its president, who
w-is formerly president of the national institution, H it
what had Ihe Government to do with the present
I State institution! lie had supposed, until lately, that
| the Government meant the legislative power, as estab
I 11shed by the Constitution ; and if the people, through
; their representatives, according to the forms of the Con
! slitution, should deem it expedient to make any Stale
i institution a depository, it would be no objection with
j him that either the ex-President, or present Executive,
i was supposed to be mimical to one of its officers. I do
| not propose (said be) to make this institution a deposi
tory, and nobody has proposed or thought of proposing
! it, so far as 1 know. Whv, then, this war-whoop against
j it ' To show our devotion to the supposed Executive
will! " A change, what a change," has been produced
j iti the tone of American feeling by these violent en
croachments and recent triumphs of the Executive over
the legislative authority, in relation to the finances !
All eyes are turned to the Executive The spirit of
our fathers has fled. The blood of '76 has run out ?
Sir, there have been more gray hairs brought upon the
head of our youthful and vigorous republic in the last
four years, than ought to have grown upon it in otie en
tire century, of quiet and peaceful administration, with
the constitutional co-operation of the legislative depart
ments.
My friends need not bo astonished at the freedom
with which I express these sentiments ' They believe
with me, they have acted with me. We have vainly
stood up together ngamst the will of the Executive ?
()or efforts have been impotent. We have been tram
pled under foot The Executive has had his way, and
we see the result. I only wish my friends to join me
in taking a firm stand to teach the Executive that his
friends are to he consulted in measures of such immense
importance to the people as those by which our finances
have been ruined. I have no idea of deserting them,
sir; they need not apprehend that. I am only express
ing freelv sentiments I and they have entertained, and
not very carefully concealed I am a party man, sir
All I am as a politician ( was made so by parly I have
no sympathies with any other party except that with
which 1 have always acted, and by which I have been
honored I respect my jiolitical ojiponents as my fel
low-citizens, living under the same laws, subject to the
same Government, and equally honest and patriotic
with myself. But I differ with them in some of the es
sential and fundamental principles upon which our Go
vernment should be administered, and have nothing to
ask, and nothing to expect from them.
I am a democrat, a real democrat. I do not make the
profession ad iii/itandum ; I fear it is becoming rather
unpopular ; but my earlv habits and youthful associa
tions made rne so In fact, the sentiment was planted
in rnv heart bv nature, cultivated by education, and ap
proved by reason I'believe a democratic republic to
I be the most philosophical government, and best ealcu
! iatod to dcvelopethe energies and sustain the dignity of
man, so long as tiie people hive sufficient intelligence
to qualify them for self-government I, therefore, ab
hor tyranny and irresponsible power in every possible
1 form in which it can be presented ; whether it be prc
J sen ted in the hypocritical garb of republican homespun,
or tinselled over in the glittering trappings of royalty.
I 'jo lor a strict construction of the ('onstitution, limited
Executive patronage, and an economical'administration
of the Government; and you will never find me here,
sir, with democracy and economy upon the lips, and
; tyranny and plunder in the heart " I borrow no false
I liveries from heaven to serve the devil in."
Mr K alter some further remarks, concluded this
branch of the subject, by saying, that he had full confi
dence that the President, when some present difficulties
were removed, would administer his department with
wisdom and patriotism, and he hoped and expected to
be able to give him his feeble support. But he pist
wished to tell him now, that if he intended " to tread in
the footsteps" of his predecessor in trampling on the
j legislative authority, in the management of a subject of
I all others of the most importance to the people, he
j should feel it his duty to jostle bun out of them, lie
j never would consent, he said, to surrender the finances
j to the exclusive control of the Executive. If we did
| tins, we should share the fate of ( very other nation whp
had submitted to Executive financiering : we should
lirst become a nation of beggars, and then a nation of
slaves
Mr K. said lie 1'iad been led on to a length altogether
unexpected to himself, and he feared tiresome to the
Senate. Several other topics had been suggested by
the remarks ol other gon'lcincn, that lie would like to
touch, Init he would dispense with them and come lo a
conclusion, after u few words more upon the bill and
amendment under consideration As to ihe separation
from the State banks as depositories, he conceived that
a matter ol iio ereat consequence, if in the details we
could provide safety to the money, anil guard against
too much p.i'ronage and expense Hut, the lull he
thought imperfect and obscure on both these points.
And when we had passed the lull, we should have but
little idea ol what we had done
As to the amendment proposed, which restricted the
receipts of the Government to gold and silver, he could
never consent to think of it, without hearing from Ins
constituents, so lonix a"s specie is not the common cur
rency, used by the people in the business transactions of
the country I hey are never prepared with a .currency
not in common circulation, and would often and irulv
be reminded of the Itoman qu.Tstors, who were in the
j habit, among other acts of ivranny, of demanding parti
cular kinds of money for Ihe purposes of extortion.? .
Here, II 000 specie gatherers, demanding a currency
not. furnished the people by their own States, or by the
ordinary circulation, will give them more trouble than
all their other pecuniary transactions, and, being differ
ent to the demands made upon them for State taxes,
will gtve to the federal Government an alien character
of tyranny and oppression He could not conceive, he
said, of a measure belter calculated to give to the Go
vernment of the I nioti the appearance of a foreign
Government, and alienate ihe affections of the people
from it, than the measure proposed;
Bui, we are told I lint the Government onlv demands
the constitutional currency, and therefore onlv asserts a
right. 1 his is true, sir; but is it the part of practical
wisdom lo exert all the power we have, arid assert all
Ihe rights we claim ? Every man has a riifht to de
mand specie at all times for everv sale he makes, and
lor wery debt due him Hit suppose every body were
to d.) it, whilst paper is the commoircurrencv, what
would become of the country '
Suppose all the merchants of a single city were to
suddenly demand specie for all dues from their custom
ers for sales made and lo be made, they would onlv as
sert a right; and vet what would be the result f The
effer' would be such upon iheir debtors and dealers,
that they would probably mob the merchants out of the
I ckr You propose that the Govatnmc r.t aball do that
will' I he |n?opfe which FMple dan noi Wo with each
oth< r Lugll al I be conduct of ll.c people totrards the
hanka ever autco tiwy haw stopped payment, and specie
la at a large premium. do they assert their rights,
though they have evrrv inducement to do so ! I will
reler to my own Slate aa a strong argument to dissipate
theoretical beauties by practical consequences There
the bank* are by law compelled to pay H tier cent , on
a refusal to [>ay ajiecie They arc good, and every
bill holder could get Ilia principal and his 1W j*-r cent,
in specie, if he were to demand and insist on it No
matt of capital could make so good an investment a* to
g. t a large sum in Augusta bank bills, make a demand,
and hold them till the bank resumes specie pavment*.
Yet nobody does this ; and why !. Because ihev are all
friendly to banks' Not at all, air It is because they
are frightened at a view of the conaequences, and yield
their own to the interests of the community They
know that if specie is forccd from the banks, the hanks
will have to forcc it from the merchants, and the mer
chants from the planters and the great mass of con
sumers ; and, Im lore the matter wound up, its effee ta
would be equal to the confiscation of oue-lt)ird of the
property of the country. The laborious and industrious
classes constitute the debtor class, which arc much the
most numerous, and much the most needy. On this
class the sacrifice would ultimately fill The benefits
would be confined to a few creditors, capitalists, and
money-lenders. And the measure you pro|>oae(said
Mr K ) will ofH-rate precisely m the maniK r I have de
scribed, though perhaps not to the same extent. It
will do to talk about and speak about hero, and some
j people may think well of it, whilst they think it is only
i going to put the merchants to a little trouble ; but when
thev lind, from experience, that the merchants are only
their factors, and the operation falls on them, they will
he prepared for a more practical view of the subject
| Mr K said he was, to be sure, opposed to th"
I banking system, particularly its abuses. But the
I people had established it, become accustomed to it
I and it now seemed necessary to theirbusines, and
| prosperity. He saw no reason or expediency in
| taking away the discretion of the Secretary of the
Treasury to receive the notes of specie-paying banks
when they resume, disburse them tor Government
purposes at the points where collected, and call on
the brinks lor b nances, when necessnrv for.trans
fers of the Government funds from the point* where
| collected, to the points where needed.
Mr K here commented upon the estimates which
the Senators from Missouri and North Carolina had
! put upon current bank bills,, and the losses which
j the bill-holders hail sustained by the suspension of
; sjiecie payments. 1 hey seemed to estimate the ac
; tual value ol a bank bill by the proportion which
] the specie in the vaults of the banks bore to the ag
| gregate of circulation and deposites; as though the
binks had no other means to pay their liabilities
I but specie. In this way the Senators make out the
loss ol the people by the banks to b; immense
Could there b - any advantage in propagating errors
I*"?? a practical question, so far from
the bill-holders having lost, thev had generally
gained by. the suspension. Mr. k. here discussed
the nature and purposes of money. Money said he
1 represents commodities Its u*?s are to command
; them at pleasure, and circulate thein with conve
nience. whatever answers this purpose, answers
the purposes of money. Its value depends on the
quantity ol commodities it will command, and this
auairi depends i n the relation which the quantity of
money bears to the quantity of commodities.
1 he active circulating medium has b.-erigreatly
reduced in quantity since the suspension, not only
by withdrawing specie from circulation, which has
b ?come a commodity, but bv a reduction of bank
paper, and hence it is that current bank paper is
now much more valuable than gold and siver was
j b -lore the suspension, whilst the whole currency
I both paper and specie, was depreciated by its redun
dant quantity. Are the passions and prejudices of
j men to 1h> wrought upon when Iheir senses may'di
rect them ? Do we not know as an admitted fact
that current bank bills are more valuable now than
h? 'ne suspension ? Let me ask one of these
suffering bill-holders what he wishes to do with his
money which he held at the time of the Misprision '
Does he owe a deb! ? If so, his creditor will be
glad to receive it, and expects nothing else. Does
he wish to buy provisions for his family i If
he gets them cheaper than he could before the sus
pension of specie payments. f),K-s he wish to bin
real estate or stocks > If so. he can get them from :<tl
lo per cent, cheaper than he could before the s?s
pension ol specie payments |n short, there is no
I purpose lor which money is used, for which hill
are not now more valuable to the holder than b lore
the suspension, whilst the whole currency was de
preciated by us quantity, except for the payment of
',Cf|! i "}e"' wl,?clamor ""JSt about
t it ir losses have hot nothing, but generally gained
I he merchants sustain the whole loss that is mis
taiiird. lor they receive it from their debtors ai par
and have to pay a premium for specie to pay their
I foreign creditors. '
Strictly and logically speaking Mr. K said paper
was now depreciated, when compared now with -fi
ver, by the amount of premium on specie, because
we had no other legal standard to go by. All he
meant to say was, that paper was more valuable
now than specie was before the suspension, ind
(therefore, thv holder had lost nothing. Soglariti"
was the fallacy of estimating the losV,t the cTurunu
j n.ity by the difference between the amount of specie
in their vanl's and the Ii;,bililies of the banks that
the community owed the banks more than the binks
owed the cimmunity. Kn.l. has a ri-ht to claim
specie; and with a little time for adjustment, the
, banks could settle every dollar againsi them without
I a dollar in specie, fie did not wish to be under
stimhi as advocating or even apologizing for an irre
deemable bank paper; it was too precarious, and
| subject to fluctuation. But, as ptaetical legisl.iiors
I we should v icw things as thev are, and lie could see
no expediency in endeavoring to impose such falla
cies on an ?iIreiiily excited corninunitv
I Mr. K. concluded by savin- that he had no wish
to postpone discussion, and. therefore, was indiffer
ent as io the present late of his motion. But as he
did not like either project, as presented, and wished
line lo. digest a I, iter, he could not consistently
make any o;|,-r tno:ion, and. therefore, moved the
postponement ol the whole subject to the lirst Monday
in December next. 3
HEMAIIKS OF Mil. HOPKINS,
OK VIRGINIA,
On the Hill aulAori 'injr thx iycVr of Treasury \otes,
<1 lire red in ths. House of Jfr/ircsciUatires, October t>
ih:h.
Mr. Spe.ikkr
1 have not risen, sir, to take part in t|ll!t alrca(Jy
protracted debate, but lo reply, very briefly, to the ex
raordnury declaration, this moment uttered by the
Chairman of the Committee ol Ways and Means'. (Mr
-ami,releng ) lie said, sir, "that upon this amendment
depended the fate of the lull, because ,1 ,t should be
adopted, the I reasury ol the I nited States would be m
the power ol the Bank of the Knited States." For one,
sir, was favorably inclined to the amendment offered
by the gentleman from Kentucky, (Mr I nderwnod,)
hut il the ( hair,nut. of the Committee of Ways and
Means can convince me of the truth of his remark. I will
most cheerfully relinquish my determination to support
he amendment But, Mr. Speaker. I must beg leave
0 say that such cannot, u, my judgment, be the opera-.
""I "I the amendment under consideration Nor do I
believe that any unprejudiced mind in this Hall can
co.no to such a conclusion. What does the hill propose
?ir No authorize the Secretary of the Treasury to issue
1 reasury notes, to the amount of ten millions of dolhr
lor the redemption of which the. faith of the Cured
States is solemnly pledged. And why is this measure
proposed, hut lo supply the Treasury with the means of
meeting the various demands upon u > Well sir what
docs the amendment, which lias thus been denounced,
propose . Nothing more than to authorize the Secretary
ol the I reasury to ncgociatc a sale of the bonds held by
he Government upon the Pennsylvania Hank of the
t. nited States, provide J they can he sold for the nomi
nal amount ol them, and apply the f,uds, thus obtained
to the uses ol the Prcasurv If. ihen, this object, the
first con emplated bv the amendment, can thus be it
tamed bv the use of means belonging to the Govern
ment why, I ask. Sir. shall we not adopt it' Whv
ho.d up these bonds it we can convert them, without
loss, iiiio available funds Sir. it will be difficult to
furnish any ono good reason against the adoption of the
amendment, if, in other respects, it be free from the
mijerlion* urged against it, and which I will how bricflv
notice It is contended, sir, that the amount of the
bonds in question, are so large as to exclude from com
petition individual or private capitalists; ?,?| hence
they will be purchased in Chestnut or Wall street bv
the agents of the bank I am willing, for the sake of
argument, to admit that such may be case, but .till |
deny the truth of the declaration, that the Government
will thereby be placed under the control of the ??defunct
monster," which so constantly haunts the imagination of
the honorable < hairman <>l the Committee of Ways and
Means. Nor can the Government lose a dollar by
thus throwing into the market a fund uns?i!ed to, tho
investment of private capital, and which it cannot
dividi to suit the means and capacities of purchasers
because the ante amendment contains another provi
sion, ? hieii put this argltnn nt to rest, by expressly
hibitii the Secretary from selling the bonds t.'.r any
thing h ?s than tho nominal amount of them. Let us then
suppose ilat the bond* arc purchased b) d* agents of the
b^uki. upStitt term? proposed in ibe JjSmkdmcnt, and
whal is tUeueceasaiy bimJ inevital>l? reaidi! v\ by, ?ir,
according to my unoPratandmg, ?o t*c (torn placing the
Uo>?nuu?til uiliter the control of the bank, we should
realize, in advance, the payment ol a debt due in one,
t?o. and three jrara, and that, too, III the gold and silver
of the frightful inonaler itself
Mr Sjaiker, I have always entertained great reaped
for lh? opinion# of I he ('hairinan of the Commit law of
ways and means, (Mr (amlirclciig,) but upon (hia sub
! ject I must be permitted to think that he la under a
i strange and most palpable delusion Sir, can it be, that
! imaiake the true operation of this amendment' Can
I it be, that the withdrawal of s)x millions and a hall of
?|iecie from the vaulta of the bank, and transferring it to
the Treasury, will increase the dependence of the Utter,
or the power of the former 1 No, air, the proposition ta
absurd in the extreme, and I cannot and will not asx.ul
10
I Hut another objection baa been made to the amend
ment. to which, whilst I am up, I will reply. It is
apprehended that these l>ond?, with Ibc endorsement of
| the Government, might find their way to Europe, and
I thus increase the foreign balance against us I am
J willing, again, for the sake of the argument, to admit the
j truth of tins objection ; but I beg those who give to it
I any consideration, to l?ear 111 tnuid, that under the
! amendment, we must receive for the bonds their tioiui
1 ual amount 111 available funds, and whether we receive
I jt from our own capitalists, or those abroad, we shall be
; upon sale ground, so long as we receive in return the
same amount in gold and silver. But gentlemen forget
to remember, that this objection applies with equal force
j to the bill, without the amendment, because your Trea
sury notes, issued by the authority and Upon the faith of
this Government, will be just as likely to cross the great
waters, and increase the foreign balance agatnal us, as
the lionds which we pioposc to sell, with this difference
I 111 favor of the amendment, that the bill withojt it, may
increase that balance against the Government, whilst the
amendment would only increase the balance against the
?' the monster."
Mr 8(>eaker, I prefer the amendment for another rea
son. I regard these bonds as a legitimate fund belong
ing lo the Government, mid ain willing to make them
available if I can to the Treasury, rather than paddle the
nation with another public debt, as we must do, by the
passage of the bill ii|>oti your table. Much, however,
as I deplore that evil, 1 would, if no oiher alternative
was at hand, adopt it to save the Treasury of the nation
from bankruptcy. Hut, by adopting the amendment,
you supplv the wauls of your Government, and, at the
same time, avoid the necessity of creating s debt, which
must be paid under your unjust and unequal system of
taxation. And why, Mr. Speaker, permit me to ask,
should we reject the amendment, if the only object be
to replenish an exhausted Treasury with a hard money,
constitutional currency J Sir, I confess that the strong
repugnance manifested from a' certain quarter, for every
proposition to replenish the Treasury save one. and the
pertinacity with which that one is supported, has awak
ened my suspicion as to the true character and object of
the measure. If we propose to sell our bank debt, it is
objected to, although warmly recommended by General
Jackson in 18:J4, in whose footsteps gentlemen were once
wont to tread If we propose lo authorise the Secreta
ry to borrow money upon the faith of the Government,
the measure is objected to. If it is proposed to pro
hibit the Secretary of the Treasury, and subordinate
I disbursing officers of the Government from circulating
{ their notes in payment of public dues, whilst they have
! on hand utij 111 their custody, gold and silver sufficient
for the purpose, that measure too, is objected lo. And
I repeat sir, with none other than feelings of profound
regret, that the discussion which has taken place u|ion
these several amendments has excited ir.y suspicion, and
I I now declare it.
I have heard, sir, in the progress of this debate, senti
ments advanced upon this floor, by some of my political
friends, against which I must enter my most ?olemn
protest. An honorable and esteemed colleague of mine
upon my left (Mr. Kives) took occasion yesterday to
propose an amendment to this bill, the object of wfnch
seemed to be to facilitate the circulation of the Treasury
| notes as a paper currency. He is reported to have said
that "while they (Treasury notes) met and relieved the
wants of the Government, would equally meet the great
wants of the people, by giving ihema uniform circulat
ing meilium." And again he is reported to have said
that, "these notes (Treasury) would at once rcduce the
s balance of exchange with England ; and this would op
erate to prevent their depreciation. Treasury notes, he
says, would circulate better without bearing interest,
j than with a low rale of interest, and were the amount
??>40,00(1,000, instead of S 10,000,000, it would be a safe
and salutary measure, and the very best thing Congress
could do " Now, sir, these are sentiments which I was
not prepared to expect, and to which I can never sub
scribe. Sir, at the time that these remark* were made
by my colleague, in lavor of his amendment, I was grati
fied to believe that the chairman of the Committee of
Ways and Means, dissented from them. But that gen
tleman has since assumed grounds 111 debate, which
satisfies my mind, that he too looks to and advocotes
this lull, as something more than a means of furnishing
an embarrassed Treasury with hard money to meet the
demands upon it. Mr Speaker, I pray gentlemen to
pause, and review the sentiments they have avowed. 1
implore them to pause before they give their consent to
a measure fraught with consequences so dangerous as
the emission ol a Treasury paper currciicy, based upon
(he public faith, and controlled by the will of one man,
already clothed with extraordinary powers Our present
Executive may be honest and trust-worthy. I hope
and sincerely believe lie is?but even to him, sir, I will
not consent to surrender a power of such a fcaiful char
acter Hut, sir. it is not the part of prudence, or a w ise
fore-cast, to legislate, 111 reference alone to the present
incumbent of the Executive chair, but we should look
to the future with a jealous eye, and guard with care and
circumspection, the liberties of the people from the
grasp of unhallowed ambition. I will not stop now to
dilate upon the evils, or dwell upon the ruinous conse
quences, which must follow the establishment of a Sys
tem. which once matured, w ill, in my humble judgment,
be far more dangerous to the institutions of our coun
j try, and (o the liberties of the people than (hat "defunct
monster," whose ghost seems to be constantly flitting be
fore the affrighted imaginations of gentlemen litre who
support this measure, which, I fear, is the precursor of a
system of Government paper currency, w hich, iti the list
of " monsters," might well be called " legion."
The amendment, however, does not propose a sale of
the bank bonds, as (he onlv means of relief to the Trea
surv, but goes further, and in the event that (his measure
: shall fail, then the Secretary of the Treasury is authorized
j to borrow an amount of money upon the faith of the Gov
! eminent eq :al to the nominal value of the bonds And,
sir, the honorable mover of the amendment has signified
his willingness, so to modify (he second section of his
amendment as to leave it to the House to say, what sum
may thus be borrowed for the use of the Treasury, and
still it is objected lo, not because it will not meet the
emergencies of the Treasury, but because it supersedes
the issue of ten millions of inconvertible Treasury paper
currency, which the Government carinot, and will not,
redeem upon presentation.
Mr. Speaker, I am in principle a bard money man,
and I have the satisfaction lo believe, that.the patriotic
people whom I have (lie distinguished honor lo repre
sent upon this floor, preler the constitutional currency of
our fathers, to any paper money, vour Treasury notes
included. Hut, whilst I say this, I desire that it shall
be distinctly understood, llim I am not to be inlistcd
in the contemplated crusade against the existing institu
tions of \1rg1111a and her sister States, to accomplish
the narrow object of supplying tho Government
alone with the constitutional currency; and I
now admonish gentlemen, that until they projiose
a measure, broad and comprehensive enough, lo
separa(c the great body ol th.i people from jhe banks,
1 will not co-opeiale with them m giving etl'ect
to a partial restricted measure, which furnishes a hard
money currency only to then), who in the better days of
our republic, were regarded as the mere scrtanlii of (he
people, and considered amenable to them Now, sir, I
ain not the man, to advocate here, in mv representative
capacity, any measure, which will provide gold and sil
ver for myself, and other functionaries of the Govern
ment, whilst the people are Iclt to endure' all the evils
of a depreciated prfper money.
But 1 have another objection to the details of this
measure, growing out of the palpable injustice, which
must result form the denominations of these Treasury
notes, to the poorer classes of the community. If sir,
as is now (oo obvious for the most incredulous to doubt,
thes ? notes are to circulate and perform all (he func
tions of a paper currency, they cannot reach ihe pocket
of the poor man, but must serve alone the puriiosc of
the wealthy, who alone can command the heniit of a
currency in denominations of one hundred dollars All
ot her effect of this measure, I l? ,ir, will be to cripple
still more the Si.no Hanks?now rapidlv recovering
from the shock, by which (lie whole monetary system
of (lie community has been so recently contained lo its
centre?and whilst it inAy relieve the (internment, may
at the same tune embarrass still more the great body of
(he people. >
But, Mr. Speaker, in everv aspect of this question,
looking lo it not as a partv Question, bill 0*10 purely
financial, my mind still inclines me to the amendment,
as the 1110*1 safe, wis" ?ud silutarv ; and certainly most
compatible with the constitution Sir, there is another
feature m the amen fmcnt, which co.mu atads 111 v appro
bation, and it is tin* : it propose* a plain, direct and
unequivocal mode of accomplishing tho very object
wbi**e!itlemj? pralft* to have in viswr, the rth.f of i
lb* fi*a?ury And lor one, ] rrWitr Sir, to plant uly
scW upon that phut provision ol <bccouatitution, which
authorise* ( " to burrow money upon the faiih \
of the I niu-d Statu," and ihiin to meet and provide lor
the exigencies of the 1 reaaury, rattier than adopt the
measure proposed by the Committee of Wi;i and
Mean*, winch if not of doubt fuLletjalily, it in ?vtry way
rxn ptionablc in policy. Out, Mr .Speaker. I fear that
this Treasury currency, ta relied upon lo givo tile and
vigor to thd new scheme, now for the fiist time recom
mend, d, of separating the gmrHmcni from the bank*.
whilst the people arc left to struggle with all the evils
of a pnper currency If ao 3,r. I lor one, shall heaitate
as out of the administration party, liefoie I can take lo
my embrace, a tianiluig, which I fear is the mere pre
cursor ol a bunk and a pnjiti currency, far more formi
dable and dangerous, than any lo tie fo-md in the histo
ry of this country. Sir. I am oppoaed to that indirect,
ambiguous, and equivocal system of legislation, which
characterizes the measure under consideration, as cal
culated to destroy that check ujK>n our conduct here,
which will ever result from ai) effective and practical
responsibility lo our constituent* ; and hence, in my
poor judgment, we should always provide by an actual
appropriation for every loan which we authorize, and
which is not done in the bill upon yam table. 1 know,
sir, that in these tunes, such sentiments, are likely to
be regarded as old fashioned or 'radical; but the time
will emito, mutt come, when they will l?> appreciated
1 list system of indirect legislation, which seeks to
avoid a just and lull reS|torisibdily to the |>eople, may bo
submitted to for a time, but will in the end receive its
merited condemnation, by an abused and indignant
community of intelligent freemen.
1 am not, 1 hope, sir, mistaken or misunderstood upon
this subject. I am willing to extend to the Treasury
immediate and ample rebel, by any means compatible
with the Constitution, and my convictions of public
duty ; nor will I be drawn from this determination by
any doubt which may be entertained as to the real
s a mount necessary, nor by the. asperities of puty in
tolerance, the prominent banc of our deliberations and
councils here. V es, sir, I am willing, and stand ready
to vote any sum in the bounds ?.f reason, which the Se
cretary of the I reasurv may consider necessary to meet
the most liberal wants of the Government; and if he
asks more than is necessary, I leave bun to hia just
responsibility to Lhe country.
Sir, I am opposed to this measure, not as one of linan
cial relief, but one for the emission of ten millions of
paper currency, obnoxious as I conceive it to be. to ail
the objections of an executive bank, based not upon the
means of immediate convertibility, but upon the plighted
faiih of the nation, which I maintain ran be pledged*only
tor a loan In my humble judgment, sir, this project is
fraught with mischief; and I look to it with the deepest
distrust and alarm. Admonished as I am by a short
experience to the practical administration of this Go
vernment, that its tendency is to enlarge its powers by
gradual and imperceptible innovations upon the rights of
j the Stales and of the people, I look lo tin future with all
the forebodings of one fully impressed with the solemn
conviction, that if noi resisted, and successfully resisted,
at the threshold, it will end in consolidation, and con
solidation in the overthrow of our institutions and the
downfall of our liberties.
Sir, it has been well remarked, in the progress of ibis
debate, that money is power; than which none is more
mercenary in its inflictions, or more difficult to resist.
It connects itself with every class, and every interest
and addresses itself to every passion of human nature,'
and constitutes, in the hands of ambition, the most potent
engine for mischief and oppression Pardon me, then,
sir, in view of the extraordinary powers already vested
in the Executive, if I pause, when asked to go another
step, to arm that branch of the federal Government with
a power to convert the public faith into a banking capi
tal, for the emission of an inconvertible paper medium,
subject to no other law than the uncontrolled will of
one man !
In conclusion, Mr. Speaker. I liejf leave to repeat my
most perfect willingness and anxiety to replenish, by
any lawful means, the national Treasury. I prefer iirst
to apply the means already on hand, as contemplated in
the amendment offered hy'the honorable gentleman from
Kentucky, (Mr. Underwood.) If that proposition shall
fail, then I shall prefer a direct loan, to be redeemed by
the bank debt, when it shall be received by the Govern
ment ; and 1 would set it apart by law for that specific
purpose. If that proposition i>e also negatived, and the
Mouse determined to authorize the proposed emission
of Treasury notes, then I shall be m favor of these
notes bearing interest, under the hope, that their circu
tu'ioii, as a currency, may in that way he prevented, and
the Government compelled to convert them into money.
If these several propositions bo rejected, I shall find
myself placed in a situation of extreme solicitude, anx
ious to extend relief to the Treasury by any and everv
mode, sanctioned by the Constitution and the long esta
blished usage of the Government, but compelled to
withhold relief, only because au unrelenting majority in
this House will have no other measure of relief, than
one which I am constrained to regard as dangerous to
the stability of our free institutions, and subversive of
the liberty arid prosperity of the people
Mr. Speaker, I will not detain the House longer by
tne expression of any apprehensions of my own, as to
the objects of this measure, or the danger of its ripen
ing into a permanent system I feel as sensibly as any
man can do, the magnitude of the consequences, which
such a system cannot fail to produce. I hope, sir, most
devoutly, that my fears may never be realized ; but I
should be unfaithful to my constituents and inv country
if I did not declare, fearlessly, that 1 look to the present
| measure as laying the foundation of a system, which, if
ever estalklished, must end in revolution or despotism.'
I will not detain the House either, sir, bv inquiring
into the causes of our pecuniary embarrassment. I am
content to leave that to others, who deem it a lit subject
for present discussion. I will act the humbler part in
this emergency, of one who might chance to see the
I reaaury on fire, would not stop to inquire into the cause
or manner of the conflagration, but aid in the immediatex
extinguishment of the flame. I will say, however, that
great as the real distress mav be, I am' satisfied it has
been greatly magnified ; 1 am. nevertheless, ready and
.willing to afford any relief, within the power of Congress,
to all classes and to every interest in our common coun
try. I am one of those, sir, who look inoie to the ener
gies of the people, and resources of the country, for
permanent and substantial relief, than to any measure
which we can devise.
hxcuso me, sir, for this day declaring in my place, that
iny sympathies do not incline me so inuch to minister to
the insatiable appctite3 of federal office holders, as to
the amelioration of the condition of the great body of
the people, upon whose honest contributions we alf de
pend. And let ine now say to my jiohtical associates,
that no party considerations shall ever inlist my humble'
aid in the co-operation of a measure, which looks only
to the advancement of the few, to the injury and op
pression of lhe many. There are, s?r, occasions fit and
proper, in my judgment, for the exercise of party pre
ference and party feelings, but these occasions aro al
ways secondary. and ought to be made subordinate to
the higher considerations of the country, and the fur
therance of sound political principles, which constitute
the only ligament which ouyht to connect and unite us
til our party associations
Mr Speaker, I am deeply impressed with feelings of
gratitude to the House for its kind indulgence, and still
more for the patient attention with which my very de
sultory remarks upon this occasion have been heard.
And whilst for tins manifestation of the kindness of
the House, I return the humble tribute of my most pro
found acknowledgement I am not vain enough to take
as a compliment to myself what 1 am sure has been
jilone due to the importance and magnitude of the sub
ject under consideration.
'I' W10 N TY-FI FT 11 C< > N <?It ENS,
E X T HA s e s .s ion.
SE5ATE.
Sati now, Oct. I I.
A number ol ri-monst ranees a train st the admission
of lexas were presented bv Mr BL'CII AN \ N
and Mr McKKAN.
Mr. WRIGH P presented n memorial from Hrook
lyn, N. i on the subject of the currency.
Mr. LINN presented a resolution on the sub cot
ol the ddetice of the W esiein Frontier?agr< ed t<>
The amendment of the House to the bill to post
pone the transfer of the 4th instalment of the sur
plus revenue, was concurred in.
S >tne resolutions on the table were agreed to.
The President then announced that there was no
business before the Senate.
On motion of Mr YOUNG, the Senate went into
Executive business. The doors bing re-opened
Mr. GRUNDY offered a resolution lo pay the
f haplain ol the Senate an e\:ra compensation of
.Kit) dollars, \thieh was a greed to.
The S< tiatc then took a recess until half past four
a clock, 1
Sm-RDAT, Oct. 11
EVENING PENSION,
On motion of Mr. \VRIGHT, the Committee on
r inatwe wrre <li M'harir* <1 Ifotii I!?#* Inrther rooMilna
lion ol all stib.eeis referred to thein t ibis session,
on w hlch they had not already repm ed.
A rnes -T,'e vims received H orn m Prcddr nt of the
United Sates, through hi* pnvatc Sccietary, on
which the Senate held an executive sessiyn
R. B TBKA3CBY SHIMB.
A message was received from the House, through
Mr. Frankliu, their clerk, annoutn in/ thai tiie
House n.id concurred iuthr revolution of the Senate,
! pt rnntting bills to pass between the two House- ex
cept that they had amended it Mi far as to exclude
tlir Banks' Divorce (Sub-Treasury) bill from so
passing
Ou motion of Mr WEBSTER, the Senate con
) curred in this amendment.
ucnkbal apwoihiation bill.
Th<f bill making further (general) appropriations
| for the year Im37, was received from the House, car
I ried through its various stagea bv general consent,
j amended on recoininendation of committee, by in
j setting for printing Senate documents, and
not more th in srJOOO tor the office of the Solicitor of
1 the Treasury; also amended from committee, by
j adding a fourth section, authorizing the Secretary of
| the Treasury to receive at. par, for deb.s due the
I United Slates, the outstanding unpaid debts in favor
of the State Government which bad been Issued by
I the Treasury under the law ; and the bill, so amend
ed, was passed. <>ud sent back to the House.
The bill, originated in the House, (in the precise
words of the Senate bill which the House retained )
making additional appropriations for the supprevnn
ol'lndian hostilities lor 1H37, was received, and read
a first time.
Mr. WEBSTER objected to this bill on the ground
that the proceedings iu relation to it were improper
and unparliamentary, as the House hail given no ac
count of the Senate bill on their table, an exact coun
terpart of this; w hich it was in the power of the
House to pass also, if they thought proper, and thus
double the appropriation designed by the Senate to
be made for this object.
A conversation ensued by Messrs. W EBSTER
BUCHANAN, NORVELL. f'LAY, of Alabama,
anil WHITE on which Mr. Webster waived his
objection in this ease alone, and the bill then pro
gressed, and passed by general consent.
THE LITE UCTOIITIE BANKS.
The bill providing for the adjustment of the re
maining claims on the late deposite Kinks \?;,s ic
ceived with two amendments, extending the times oi
paying the three instalments from the bank> from
the end of four, six, and nine months, respectively,
to July next, January, 1839, and July, 1KW.
Mr* WRIGHT moved that the Senate concur iu
this amendment of the House.
Mr. WEBSTER moved to amend the amend
ment of the House so as to require six per cent inte
rest after the banks respectively should fail to an
swer the drafts of the Treasury upon them, accord
ing to the provisions of the deposite act, thus fixing
the supposed ambiguous language id the bill so as to
mean what the Senate generally desired it to mean
Mr. CLAY, of Ala called for a division on the
question of this amendment, and there appeared:
aves U, noes 12, (no quorum ;) and the Sergeant-at
Arin.s was directed to look lor absent members.
After further conversation by the same genth men,
the Senate adopted the amendment ot Mr Webster,
' and concurred in the amendment of the House, so
amended, and the bill was returned to the House
1 The bill making additional appropriations fur
j KIT was received from the House, who had con
curred in the $25,000for printi eSenate documents,
! non-concurred in the $2,000 for the office ol the So
licitor of the Treasury; and concurred in the re
ception of the State deposite transfer drafts, (by the
i Treasury,) w ith a verbal amendment by the House.
On motion of Mr WRIGHT, the Senate receded
' from their abjve amendment to this bill, and con
curred in the verbal amendment of the House to the
j ab ite third amendment of the Senate.
On motion of Mr. CLAY , of Ala., the Senate (at
half past one o'clock, and after the adjournment of
the House) adjourned, to meet at halt past eight
o'clock on Monday morning.
IIOCSE OF representatives.
Fkidav, Oct. 13.
EVENING SESSION.
Mr. NAYLOR concluded his speech against the
District currency bill.
Mr ELI MOORE, of New York, w ho alluded
to w hat had fallen from Mr. N. and claiming to
speak for the working men of the North, whom he
had once assembled in convention, over whose meet
ing he had presided, and with whom he was in
habits of dailv correspondence, declared them op
posed to the State Banks, and to a man iu favor of
the bill. He then went into a constitutional argu
ment, which he was compelled, by indisposition, to
break off before he had concluded.
Mr. CAMBRELENG then took the floor, and ad
dressed the committee till a late hour, in defence of
the bill, and in replv to the various objections which
had been urged against it. In the course of his
speech, he adverted to a change in the political
course of Mr Hoffman, who had forsaken Tamma
ny Hall after receiving a double share of the spoils,
&c.
This called up Mr HOFFMAN, in a rejoinder
of unusual severity, in which, after speaking in his
own defence, he reviewed Mr. Cambreleng s past
course of life as a man and a politician, threatened
to hold him personally responsible lor his language
in regard to himself
The excitement produced by this rejoinder, w hich
drew the members from their seats, extended, we are
sorry to observe, to the galleries of the House, where
audible marks of applause and disapprobation took
place for a short time.
Mr. WISE next obtained the floor, and continued
to s]>eak till past 12 o'clock. He reviewed the entire
course of the Administration, touching the banks
and the currency, quoting largely from past mes
sages of the President, reports of the Secretary ol
the Treasury, letters of Mr. Whitney, &c. to show
the confident hopes and predictions of the success ol
the State Bank system.
The question was at length obtained on the amend
ment proposed bv Mr. Dawson, ol Georgia, as a sub
stitute for the bill; which was rejected without a
count. . ...
The committee then, on motion of Mr. t A \I
BRELENG, rose, and reported the bill to the House
which on motion ol Mr. PATTON, then adjourned,
at a quarter past 12 o'clock.
Saturday, Oct 14
A few petitions were presented, chiefly against the
annexation of Texas to the Union.
Mr. 11R1GGS moved the following, which was agreed
to :
Rcfolrrd. That the Clerk of this House l>e directed to
pav to the Caplain of the House the usual compensation
for his services during the present session.
Mr. CAMBRELENG offered a resolution for paying
two months' extra compensation to the clerks and at
tendants upon the House in consideration of services at
tins extra session of Congress.
A desultory debate, or rather an extended conversa
tion took place on this resolution, in which Messrs
Whittlesey, Catnhreling, Thompson, McKay, Mallory,
Ewitig, and Ligare took part. It was amended by being
extended to the Librarian and his assistants ; when,
Mr,, EWIXG, of Indiana, moved to lay the resolution
on the table, as proposing an inconsiderate application
of the public money, but his motion was negatived
After further discussion by Messrs Renchcr, Shep
perd, IJnggs, and Thompson, the resolution was agreed
to.
Mr LEGARE offered the following, which was
adopted :
Kesolned, That the Secretary of the Navy be re
quested to report to the House, at its next session, his
opinion as to the expediency of establishing a navy yard
for sloops of war, (and other ships of smaller class) at
Charleston, S. C , or some other port on the southern
coast, together with any information lie may possess on
that subject.
FLORIDA WAS
The House then proceeded to the unfinished business
of yesterday morning, which was the consideration of
i Mr. Wise's resolution on the Florida war and the
| question being on Mr McKay's motion to postpone the
j consideration of the resolution to the 1st of December
t\e\t?
j Mr UNDERWOOD said that, in the early stages of
I the debate upon the resolution under consideration, he
| understood the gentleman from \ irginia, (Mr W i*c.) to
say that he had been informed in a manner entitled to
! credit, that Gen Jesup had entered into an engagement
J with Hopothlchohola, stipulating U? secure and protect
' that chief in his possessions, provided he would give his
: siti to the Army of the United Ststes. and assist <on
i Jesup in his operations ; tint the gallant Indian chief.
reiving upon the assurances of Gen Jesup, had dcvotn
; himself to our service, and that, after success crnwne.l
tin ope rations ol (ien Jesup, he turned upon the ilu< t
in violation of his engagement, and drove him from his
possession. I was forcibly impressed at the time with
the impropriety of the'eonduet thus imputed to ?etien
I,-sup I could not believe that a gallant soldier, who
! h.vt risen from the humblest ranks to the command ot an
\rmy. who had ou several occasions displayed a com
bination of talents and bravery which induced the coun
try to confide in li.m as a fit commander in the N.ii'H.
i would so l,.r li- lsne himself a* to decoy sn Indian cbi? t
: ... hv , , roiiiise of protei lion. and. as '-.m.
' |,? h-d m. vered ICS purpose*, turn "I"'" |??
i viola won of his engagement, and expel him from <?>
, ho uc Siitli conduct would not only have been ia

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